The broader cryptocurrency market has underperformed in recent days, but XRP is currently one of the top performers.
The crypto market lost more than $100 billion last week, bringing total cryptocurrency market capitalization below $1.8 trillion.
This bearish movement stems from losses in Bitcoin and other leading cryptocurrencies. Bitcoin plunged from $43,000 to $38,000 within a few days. Ether is also struggling below the $2,700 level as negative sentiment intensifies.
However, XRP, the native token of the Ripple ecosystem, is the strongest performer among the top 10 cryptocurrencies by market capitalization.
Over the past 24 hours, XRP has gained more than 3%, outperforming BTC, ETH, LUNA and ADA.
The main catalyst behind XRP’s continued rally is Ripple’s $1 million donation to refugees affected by the ongoing war in Ukraine.
https://twitter.com/Ripple/status/1499521597283176448
The war in Ukraine has been a focal point in recent days, and Ripple’s donation was well received by its community.
Key Levels at a Glance
The XRP/USD 4-hour chart currently shows a recovery as XRP emerges from a bearish phase. Technical indicators, however, signal improving momentum for XRP.
The MACD line has crossed into positive territory thanks to the recent XRP rally, indicating heightened buying interest.
The 14-day RSI reads 42, suggesting XRP is no longer in oversold conditions. If buyers remain in control, the RSI could move above the 50 level before the end of the day.
At the time of writing, XRP is trading at $0.73955. It may attempt to break the first major resistance at $0.8213 in the coming hours.
For XRP to trade above $0.90 for the first time since December 2021, it would likely need stronger support from the broader cryptocurrency market.