Renowned market watcher Dom has highlighted XRP’s remarkable performance in leading two recent market recoveries following significant declines. In a tweet, Dom contrasted XRP’s performance with that of Bitcoin, emphasizing the former’s role in leading the market recovery after major downturns.
The first instance occurred on July 6, when the crypto market experienced a massive collapse, with XRP plummeting below $0.40 and Bitcoin dropping to nearly $53,000. However, XRP quickly rallied to around $0.45, leading the market recovery following speculations about a settlement in the SEC v. Ripple lawsuit. Bitcoin also participated in the rally 24 hours later, reaching nearly $58,000.
Another XRP-led rally was witnessed on August 7, following a significant market decline the previous week. XRP’s price surged to $0.6579 after Judge Analisa Torres gave Ripple a partial victory against the SEC. Bitcoin’s rally started six hours later, indicating XRP’s influence on the broader market recovery.
Dom’s analysis challenges the notion that only Bitcoin’s price action determines the performance of the crypto market. Currently, XRP is trading at $0.6037 with a 2.02% decline in the past 24 hours, while Bitcoin has seen a 7.3% increase, trading at $60,996.
It is important to note that this content is for informational purposes only and should not be considered financial advice. Readers are advised to conduct thorough research before making any investment decisions.
