Popular trading mentor Jacob Canfield praises XRP’s resilience during the recent crypto crash.
The crypto market recently experienced one of its biggest sell-offs, which had a devastating impact on the prices of top assets, especially altcoins. XRP was not spared from the recent downturn as the asset gave up its third place spot to Tether (USDT).
Canfield praises XRP’s resilience
Although XRP fell below the $2 mark yesterday, it has recovered significantly and is currently hovering above $2.3. Interestingly, Canfield at X expressed his admiration for the token’s resilience during the recent market bloodbath.
“I am very impressed with how well $XRP has held up” Canfield noted in an X post yesterday.
The trading mentor noted that he expects the price of XRP to remain below $2, while at the same time seeing signs of “distribution sentiment,” where large holders may liquidate their position in the asset.
However, he was surprised to see XRP trading above $2.3 and called the performance “remarkable.” Given XRP’s resilience in the recent market downturn, Canfield emphasized that XRP is “worth watching.”
XRP is showing strong resilience despite the downturn
XRP’s recent performance continues to amaze many investors. Last week, CNBC described XRP as the biggest winner of the Donald Trump-led crypto rally, highlighting that the coin was up 370% compared to the 93% gain in the overall crypto market.
Specifically, the price of XRP rose from around $0.5 at the beginning of November to $2.86 on December 3rd. However, this was followed by a significant downturn that plunged the price to $1.90 on December 10th. Interestingly, XRP recovered from that point on…
