- Cryptocurrency prices have surged hard in the past few months.
- Bitcoin jumped to over $42,200 on Monday while the total market cap has hit over $1.6T.
- Zilliqa and Ripple’s XRP tokens have underperformed the market.
Cryptocurrency prices are soaring, reviving memories of the remarkable rally that happened in 2021. Bitcoin, the biggest cryptocurrency in the world, jumped to over $42,000 on Monday while popular tokens like Aurora, ResearchCoin, IoTeX, and Big Time have more than doubled in the past 24 hours. So, how are Zilliqa (ZIL) and Ripple (XRP) behaving in this rally?
Zilliqa price analysis
Zilliqa is one of the most popular blockchain networks in the world. It is a pioneer platform that introduced the concept of sharding, which has now been embraced by the likes of Near Protocol, Elrod (MultiversX), and even Ethereum.
The biggest challenge for Zilliqa is that its ecosystem growth has not been all that good. A closer look at its Decentralized Finance (DeFi) ecosystem shows that they have a Total Value Locked of just $4.6 million. The biggest dApps in the ecosystem are the likes of ZilSwap, Avely Finance, and PlunderSwap.
A $4.6 million TVL is minute for an industry that has over $50 billion in assets. At the same time, other newer platforms have beaten it in terms of assets. Base has over $313 million in assets while Sui has $164 million.
A look at ViewBlock also shows that the network is not growing as fast. It has over 12k active addresses, a figure that has remained unchanged in the past few weeks despite the crypto surge. Total staked ZIL have dropped to 5.78 billion while daily transactions have not been that large.
Still, like other tokens, Zilliqa price has jumped from a low of $0.015 in November to $0.0230 today. It has underperformed other tokens like Avalanche, Filecoin, and Aurora. ZIL has crossed the 50-day and 25-day Exponential Moving Averages (EMA), which have made a bullish crossover.
It also seems to be forming a double-top pattern at $0.023. Therefore, more upside will be confirmed if the price invalidates this pattern and moves above it in high volume. If this happens, the next resistance point to watch will be at $0.025.
Read more: How to buy Zilliqa.
Ripple (XRP) price analysis
Ripple has underperformed the price of Bitcoin and other big coins like Solana and Ethereum despite the partial victory against the SEC. The XRP token was trading at $0.6186 on Tuesday morning, 18% below the highest point last week.
This retreat happened even as other digital currencies surged. It is likely because Ripple has not made any major headlines in the past few months. There are also concerns about moves by the company’s executives, who have been selling their XRP tokens.
XRP price has remained slightly above the 50-day and 25-day Exponential Moving Averages (EMA) and the key support at $0.5486, the highest swing on September 28th. It has also remained above the ascending trendline that connects the lowest swings since January.
Therefore, XRP price will likely remain in this range in the coming days. A break below the support at $0.60 will open the possibility of it falling to $0.5486.
Read more: How to buy Ripple.
