XRP recently saw itself being a target of the bear’s attack, as the cryptocurrency market lost $13 billion in value yesterday. It was one of the biggest losers during the red day, erasing over 12% of its value. However, it has successfully fended off the lethargy exhibited by other coins after the drop, correcting about 7.5% to retake its spot at the $0.40s.
The coin started off the week at the $0.51 mark, soon after hiking to its weekly high of $0.52. However, this marked the end of smooth sailing for XRP for the duration of the week, as it quickly began a downwards movement to the $0.47 price level.
The price then exhibited the sideways movement that was indicative of the rest of the market’s movement, exhibiting constant sideways movement at around the same price for the next few days. It even saw a small decline down to the $0.46 mark, which marked the end of the sluggish movement for the coin.
The very next day, it saw a sharp drop down to the $0.38 mark, breaking the expectations of many XRP HODLers. This was also indicative of the movement seen in the rest of the market, as many altcoins reflected double-digit losses across the board.
Investors were in for a surprise, as the price of XRP quickly retraced its movements with a 7.5% gain back to the $0.43 mark. It corrected to the $0.42 mark before retaking the $0.43 resistance with great power.
The hike of XRP comes at a time wherein most of the market is still reeling from the attack of the bear. Most of the coins in the top 10 are still in red, with Litecoin [LTC] and Stellar Lumens [XLM] being the only altcoins able to retrace their losses from yesterday and remain in green.
The rise comes after speculations ensued regarding a potential partnership between Ripple and incumbent SWIFT. According to rumors, the partnership will utilize xRapid for settlement and could have driven investor sentiment in the coin, thus driving the price up. Most quote the reason as Ripple being at SWIFT’s annual conference this year, where they believe that the company will make a “big announcement”