According to pseudonymous trader Cryptoinsightuk, the XRP token is currently showing more strength compared to Bitcoin.

The trader believes that the XRP cryptocurrency could regain ground if BTC manages to bottom out in the near future.

According to CoinGecko data, the XRP is currently sitting at $0.52.

Earlier today, the leading cryptocurrency dipped below the $58,000 level.

The leading cryptocurrency has been absolutely clobbered by bears due to recession fears in the U.S.

Recent data showed rapidly slowing economic growth, causing a global market crash.

Prior to that, it seemed like the Fed was ready to pull off a soft landing. However, its efforts now appear to be in jeopardy. With the economy slowing at a fast pace and inflation still remaining elevated, it looks like the Fed will have to have a much-feared hard landing.

Underwhelming tech earnings have also negatively affected market sentiment.

As reported by U.Today, Bitcoin traders have already succumbed to fear following Bitcoin’s most recent crash.