Understanding the Technical Aspects of XRP’s Lagging Performance Compared to Bitcoin and Ethereum
The cryptocurrency XRP, closely associated with Ripple, continues to experience significant downward pressure in line with the broader crypto market. As of the most recent data, XRP has reached a low of $0.4486, indicating an approximately 7% decrease from its peak value over the last 24 hours.
This recent steep decline adds to the cryptocurrency’s persistently underwhelming performance, particularly throughout this year. Legal expert Bill Morgan, known for his pro-XRP stance in Australia, took to a social media platform today to address the ongoing price drop.
Morgan sarcastically commented that the consistent downward trend in XRP’s price over the past months is not a valid reason to overlook the market-wide price correction.
Read Also: Xaman Wallet Integrates C14: Easier Fiat-to-Crypto On-Ramp for XRP and XAH in 50+ Countries
This sentiment highlights the frustration within the XRP community, which has observed the cryptocurrency’s failure to benefit from market upswings. For instance, despite the dip, Bitcoin and Ethereum have seen a 36.6% increase year-to-date. Binance Coin (BNB) has surged by 68%, and the meme token Dogecoin (DOGE) has seen a 23% increase this year. In contrast, XRP has recorded a negative growth of 26% since January. Moreover, market data from CoinCodex verifies XRP’s lackluster performance, indicating that XRP has been outperformed by 77% of the top 100 crypto assets in the market over the past year.
Risk Analysis and Market Performance
In essence, among the top-ranked assets, XRP stands out as one of the weakest performers. This is despite the persistent bullish sentiment surrounding the asset due to its utility in the payment market. XRP’s disappointing performance has triggered widespread discontent in the crypto community, raising concerns that XRP could once again cause investors to miss out on this bull season, akin to the situation in the 2021 cycle when XRP failed to establish a new all-time high.
Some have attributed XRP’s performance to Ripple’s lawsuit, but attorney Morgan has consistently refuted this viewpoint since XRP received regulatory clarity last year. Although it briefly soared to $0.93, the asset has reverted to pre-victory levels.
Read Also: Cardano (ADA): $100, $200, or $300? Experts Share Price Predictions
Follow us on Twitter, Facebook, Telegram, and Google News
Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
