XRP price down 11% over 24 hours, what alternatives to consider?
The price of XRP has fallen 11% in the past 24 hours, hitting a six-day low of $0.422670.
The drop comes amid a general slowdown in the crypto market, but XRP has been hit harder compared to other assets due to the legal dispute between Ripple and the Securities and Exchange Commission (SEC).
However, despite this above-average drop, the price of XRP remains in the green for longer periods of time, with the altcoin being one of the top performing cryptocurrencies over the past month.
In addition, recent developments suggest that the conflict between Ripple and the SEC may soon find a resolution.
In the meantime, this story looks at the alternatives investors can consider for shorter-term trades, among them Quant (QNT) which is the best performing cryptocurrency in the top 100 for the day today.
XRP price plummets 11% in 24 hours
XRP's high in the past 24 hours is currently $0.481153, which means that its current price of $0.422670 is down 12% from that short-term high.
this picture is even bleaker when you consider that the XRP is actually down 22% from its seven-day high of $0.543612.
However, the XRP indicators remain in a positive position. Although it plunged from around 75 yesterday, its relative strength index (purple) has risen to near 50.
Its 30-day moving average (in red) continues to advance toward its 200-day average (in blue), suggesting that the XRP is still in the middle of an intermediate-term rally.
Quant (QNT) is the most efficient alternative to XRP today
For anyone looking for an alternative to XRP, QNT has posted an 11% increase over the past 24 hours, reaching $136.59.
This represents a 35% jump over the past week, and a 46% appreciation over the past 30 days.
QNT's indicators are currently outstanding, showing that the token is in the midst of a strong rally. Its 30-day average has recently begun to rise above its 200-day average, signaling a breakout to a new level.