FTX outperforms XRP and Enjin coin in a major hike
- XRP's performance has remained relatively poor when compared to others in the top 10 cryptos list.
- Meanwhile, the coin was strongly outperformed by FTX Token, which is joining the bullish trend, unlike XRP.
- As for Enjin Coin, its recent performance was also quite poor, with the coin not showing enough strength.
Since the start of the second quarter of this year, the situation in the crypto space saw major changes. While numerous coins began to surge, some did not perform nearly as well as others.
In the last 24 hours alone, FTX token, for example, demonstrated a strong positive trend. It easily joined the new bull run, while the likes of Enjin coin and XRP noted only a small hike before turning around and dropping again.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
XRP, as the third-largest cryptocurrency, started noting a rising wedge pattern on April 2nd. The coin’s behavior indicated a pending period of correction. However, it then hiked only by 2.13%, while its trading volume grew to $2.39 billion. Meanwhile, its market cap still sits below $8 billion.
Even so, the parabolic SAR implies that there is a bearish pressure in the market. While XRP is seeing gains, this might simply be a short recovery before the bearish trend returns. There is also a noticeable increase in selling pressure.
How does FTX Token compare?
The situation is completely different when it comes to FTX Token (FTT), however. The token, currently sitting at 33rd spot on the list of largest coins by market cap, outshined XRP quite strongly. Its price hiked from $2.31 on April 1st to $2.57 on April 2nd, After that, it saw a mild correction to $2,46 yesterday evening. But, it quickly returned to its surge. forcing it throughout the night. It once again broke its resistance at $2.50, currently sitting at $2.54, after a 3.27% growth.
The token’s market cap sits at $232.9 million at the time of writing, while its volume is at $3.24 million. Its Parabolic SAR indicates that a bullish period is coming, as the money is flowing into the coin, creating a stable market.
Enjin coin’s performance
Lastly, there is Enjin Coin (ENJ). which saw trading in the red over the last day. It only recently managed to slightly enter the green. Its price continued to breach the resistance at $0.1 multiple times over the past four days. However, not a single attempt was successful.
The coin currently has a price of $0.093, with a growth rate of 0.51% in the last 24 hours. The coin is once again approaching its resistance, although with no real strength behind it. Its market cap sits at $75.8 million, while the last 24 hours brought its trading volume to $6.1 million. The coin currently ranks as the 58th largest cryptocurrency. According to the Bollinger Bands, it is likely that the coin’s volatility will stay low in the near future.