XRP Resilient as Altcoins Slide, Ethereum Dips 5%

XRP has shown notable stability amidst a broader altcoin sell-off that saw market leaders like Ethereum and Bitcoin lose ground. Over the past 24 hours, significant declines have swept through the crypto market, with Ethereum dropping 5% below $4,500 and other major altcoins following suit.

Bitcoin Retreats Below $118K

The world’s leading cryptocurrency had a rollercoaster week, starting with a Monday rally that pushed it from $119,000 up past $122,000 — nearing its previous all-time high of $123,200. Despite this bullish movement, strong resistance turned the tide, and Bitcoin pulled back before it could test new highs.

Midweek saw renewed momentum as BTC surged past its July peak, briefly breaking into uncharted territory by hitting a new all-time high of $124,500 on Thursday morning, as reported in this market update. However, this uptrend didn’t last. The price swiftly reversed course and dropped to $121,000 and then further down below $118,000 following hotter-than-expected U.S. Producer Price Index (PPI) data released Thursday.

Investors awaited additional volatility heading into Friday evening’s high-profile meeting between U.S. and Russian presidents regarding the ongoing Ukraine conflict. Despite no progress being made during the talks, Bitcoin’s price held steady around $117,500, as confirmed in this market recap.

The market cap of Bitcoin now stands at $2.34 trillion, representing approximately 58% dominance over altcoins according to CoinGecko (CG) metrics.

Ethereum Leads Sharp Altcoin Decline

Ethereum, which recently rallied toward its 2021 all-time high of nearly $4,800, took a sharp turn downward. After this strong performance, the second-largest blockchain token failed to sustain momentum and fell by 5% to beneath the $4,500 threshold, reflecting a swift market correction driven by macroeconomic pressures and investor uncertainty.

Outside Ethereum, other prominent altcoins weren’t spared from the downturn. Notably, Solana (SOL), Chainlink (LINK), Avalanche (AVAX), Sui (SUI), and Hype (HYPE) all posted declines ranging from 3% to 7%. One outlier in this bearish trend was Mantle (MNT), which defied the broader market sentiment with a 10% gain, now trading at $1.20.

This drawdown in altcoin valuations contributed to a $80 billion overnight contraction in overall market capitalization, bringing the total crypto market cap to $4.05 trillion, data from CG confirms.

Meanwhile, interest in tokens like XRP persists amid these fluctuations. While Ripple’s native currency hasn’t seen a dramatic plunge, its performance remains under close scrutiny from traders seeking stability amid excessive volatility across other assets.

To review Bitcoin’s mid-week rally in more detail, see this earlier weekly crypto recap. For analysis on Bitcoin’s sharp Thursday correction, visit this breakdown.

Related: XRP Price: $12M Max Pain for Bears

Read more market coverage in the original report here.