The broader cryptocurrency market has been underperforming in recent days, but XRP is one of the best performers at the moment.
The cryptocurrency market lost over $100 billion last week, with the total cryptocurrency market cap now below $1.8 trillion.
The bearish performance comes as Bitcoin and the other leading cryptocurrencies recorded losses. Bitcoin dropped from the $43k level to $38k within a few days. Ether is also struggling below the $2,700 mark as the bearish sentiment grows stronger.
However, XRP, the native token of the Ripple ecosystem, is the best-performer amongst the top 10 cryptocurrencies by market cap.
Over the past 24 hours, XRP has added more than 3% to its value, outperforming the likes of BTC, ETH, LUNA, and ADA.
The primary catalyst behind XRP’s ongoing rally is the $1 million Ripple donated to the refugees of the ongoing Ukrainian war.
The Russian war in Ukraine has taken centre stage in recent days, and Ripple’s donation has been positively received by its community.
Key levels to watch
The XRP/USD 4-hour chart is currently average as XRP is coming out of a bearish situation. However, the technical indicators show that XRP’s performance is currently improving.
The MACD line crossed into the positive zone thanks to XRP’s ongoing rally. Thus, indicating improved buying sentiment for XRP.
The 14-day RSI of 42 shows that XRP is no longer in the oversold region. If the bulls remain in charge, the RSI could cross the 50 mark zone before the end of the day.
At press time, XRP is trading at $0.73955. It could break past the first major resistance level at $0.8213 over the next few hours.
However, XRP would need the support of the broader cryptocurrency market if it is to trade above $0.90 for the first time since December 2021.