XRP Price Crashes 11% in 24 Hours – What's a Better Alternative to Buy?
The XRP price has fallen by 11% in the past 24 hours, hitting a six-day low of $0.422670. The drop comes amid a general downturn in cryptocurrency prices, yet XRP has been hit harder than most major coins today, as the Ripple vs. SEC legal battle lingers on.
However, despite the above-average fall today, the price of XRP remains in the green over longer timeframes, with the altcoin one of the best-performing major cryptocurrencies of the past month. And even if Ripple's case with the SEC remains ongoing, recent developments suggest that a schedule for its end has been set.
In the meantime, this article also looks at alternatives investors can look at for more short-term trading, with quant (QNT) being the best-performing top-100 cryptocurrency today.
XRP's high over the past 24 hours is currently $0.481153, meaning that its current price of $0.422670 represents a 12% drop relative to this near-term high. In fact, the picture can be made to look even worse than this, since XRP is actually 22% down from its seven-day high of $0.543612.
XRP's indicators remain in a positive position, however. Despite dipping from around 75 yesterday, its relative strength index (in purple) has dipped to nearly 50.
More positively, its 30-day moving average (red) continues to rise towards its 200-day average (blue), suggesting that XRP is still in the midst of a medium-term rally.
This suspicion is bolstered by the fact that XRP's price is still 2% up in a week, as well as 30% up in the last 30 days. This contrasts very favorably with bitcoin, which is down by 5% in a month.
It seems that XRP's dip today is above-average largely as a necessary correction to over-exuberance earlier in the week, when the altcoin rallied strongly amid hopes that the
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