The XRP price has fallen by 11% in the past 24 hours, hitting a six-day low of $0.422670. The drop comes amid a general downturn in cryptocurrency prices, yet XRP has been hit harder than most major coins today, as the Ripple vs. SEC legal battle lingers on.
However, despite the above-average fall today, the price of XRP remains in the green over longer timeframes, with the altcoin one of the best-performing major cryptocurrencies of the past month. And even if Ripple's case with the SEC remains ongoing, recent developments suggest that a schedule for its end has been set.
In the meantime, this article also looks at alternatives investors can look at for more short-term trading, with quant (QNT) being the best-performing top-100 cryptocurrency today.
XRP Price Crashes 11% in 24 Hours
XRP's high over the past 24 hours is currently $0.481153, meaning that its current price of $0.422670 represents a 12% drop relative to this near-term high. In fact, the picture can be made to look even worse than this, since XRP is actually 22% down from its seven-day high of $0.543612.
XRP's indicators remain in a positive position, however. Despite dipping from around 75 yesterday, its relative strength index (in purple) has dipped to nearly 50.
More positively, its 30-day moving average (red) continues to rise towards its 200-day average (blue), suggesting that XRP is still in the midst of a medium-term rally.
This suspicion is bolstered by the fact that XRP's price is still 2% up in a week, as well as 30% up in the last 30 days. This contrasts very favorably with bitcoin, which is down by 5% in a month.
It seems that XRP's dip today is above-average largely as a necessary correction to over-exuberance earlier in the week, when the altcoin rallied strongly amid hopes that the Ripple-SEC case had entered its final phase.
In particular, both Ripple and the SEC have filed for the presiding court to make a summary judgment on the case, something which would bring it to a close. Such a judgment isn't going to be made immediately, but the fact that both parties have called for it means that it's now on the horizon.
Of course, the absence of a quick judgment means that XRP's momentum of the past few days has now fizzled out. Things also haven't been helped by the overall selloff in the cryptocurrency market, which has magnified its loss of momentum.
Quant (QNT) is the Best-Performing Alternative to XRP Today
For anyone looking for an alternative to XRP's gains over the past few days, QNT has posted an 11% rise in the last 24 hours, reaching $136.59. This represents a 35% jump in the past week, and a 46% appreciation in the last 30 days.
QNT's indicators are really strong right now, and are indicative of a coin right in the middle of a rally. Its 30-day average recently began rising above its 200-day, signalling a breakout to a new level.
Quant is a blockchain network that functions interconnect other chains with each other and make them interoperable. Its native token QNT appears to have begun rallying on the back of increased social activity, with awareness of Quant spreading in the past few weeks.
Indeed, Quant reached 100,000 followers on Twitter around the time QNT's rally began gathering steam, with the network's steady organic growth helping to attract new supporters.
As with every rally in the cryptocurrency market, the question remains as to how long QNT can maintain its current good fortune, since its above-average gains might imply above-average losses at some point. But it's certainly a coin to watch while XRP bides its time in waiting for an end to Ripple's case with the SEC.
