XRP Defies Market Gravity with Rare Strength Tested

In a surprising turn of events, XRP is showing remarkable resilience in the face of a global crypto sell-off. While Bitcoin has declined by 3.81% to $62,200, XRP has only dropped by 1.4%. This divergence has led to a 2.5% increase in the XRP/BTC pair on TradingView.

Technically, this can be interpreted as a local strengthening of the asset. However, it's essential to note that the long-term bearish scenario remains intact. If XRP fails to hold above the 0.00002059 BTC per XRP level, the risk of a deep correction will remain.

The approaching deadline for the U.S. Securities and Exchange Commission's decision on 91 cryptocurrency ETF applications, some of which are focused on XRP, may provide temporary liquidity inflows that allow the asset to move against the broader market trend.