Ethereum (ETH), the queen of cryptocurrencies and second-largest in the market by capitalization, is facing continued setbacks after losing its $3,400 support level amid the market decline.

Down almost 15% over the last seven days, ETH’s price drop is reflective of an industry-wide slump as prices deteriorate from their high points in November.

Despite the slide below the $3,400 mark, Ethereum maintains its position as a powerhouse in the crypto market and continues to retain a dominant role in decentralized finance (DeFi) and non-fungible tokens (NFT).

In the ashes of Ethereum’s downturn, Ripple (XRP) is showing signs of recovery as crypto fans anticipate an update to the lawsuit in January and the successful launch of its stablecoin.

Ripple (XRP) is currently worth around $2.18 as it continues to show resilience to the fall in cryptocurrency market prices. This price reflects an almost flat modest price change but shows disparity against other crypto assets like ETH which has seen double-digit percentage setbacks in December.

A positive turnaround of events for Ripple as regards its legal tussles and the launch of a new stablecoin has placed the crypto asset on a bullish trajectory.

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