Chainlink outperforms Decred and XRP as latter’s dismal 2020 continues
For a market that isn’t a stranger to volatile price trends, the consistently disappointing performance of XRP over the past few months is a surprise. The world’s second-largest altcoin seems to have followed a dismal 2019 with a bad 2020, with the crypto affected by Bitcoin’s crash in March too. Other altcoins like Chainlink and Decred, however, were having a better time than XRP.
At the time of writing, Bitcoin was consolidating its position under $7k, ergo, the altcoin’s price movements.
The world’s third-largest cryptocurrency continues to be in the news for all the wrong reasons owing to its dismal price performance over the last six months. XRP was among the cryptos recording a recovery after the March crash shaved off much of its gains; however, these efforts, at the time of writing, seemed to have stalled again. In fact, XRP recorded a fall of over 8.5% over the course of the past 7 days.
XRP was recently in the news after Messari reported that XRP was the worst-performing crypto-asset in the top 25 list over Q1 of 2020.
XRP’s depreciating value was evidenced by the Parabolic SAR, with the dotted markers found to be over the price candles. Further, the Chaikin Money Flow also observed a steep fall in capital inflows.
Chainlink, now the 11th largest cryptocurrency on CoinMarketCap’s charts, has been one of the market’s top-performing crypto-assets for quite a while now. In fact, according to Messari, like 2019, LINK continued to be one of the best performers of 2020, with the token actually surpassing the daily trading volume of Ethereum and XRP on 13 April. At the time of writing, LINK had gained by an astounding 42% over the past 10 days.
The staggering upward movement in the price of the token was reflected by the Bollinger Bands on the charts, with the bands observed to be expanding. Further, the Relative Strength Index, while having recorded a slight fall at the time of writing, was mediating between the oversold and overbought zone.
Decred, the autonomous digital currency with a hybrid consensus system, hasn’t recorded a very acute recovery or consolidation streak since the token fell following the market crash in March. Recently, however, Decred’s market trends were more inclined to the bears’ side, with the token having fallen by over 7% in 7 days.
Technical indices for Decred weren’t hopeful either, with the Awesome Oscillator implying that all momentum had been exhausted in the market, with the MACD further highlighting the looming threat of a bearish crossover.