XRP Has Been The Worst Performing Crypto Among The Top 10 Coins – Analysts Explain The Reasons
Despite the fact that Bitcoin surged a lot this year and some altcoins have also experienced an uptrend during this time, especially the Binance Coin, not all digital assets surged.
Unfortunately for XRP, the value of the coin dropped. Smartereum highlights the fact that the coin crashed and managed to become the worst-performing crypto among the top ten during the first half of 2019.
Smartereum writes that “On June 30, XRP closed at $0.396411 which is 12.45% gains on the Jan 1, 2019 opening price of $0.396411. Within the first six months of 2019, XRP consistently underperformed Bitcoin and other altcoins among the top 10 cryptocurrencies. Compared to the highest gainer during this period, XRP meager gain is nothing.”
Reasons for which XRP is in a bearish trend
The online publication mentioned above says that the drop in the price of XRP might have resulted from little patronage it had received on the crypto market, according to crypto analysts.
They also note that despite the fact that many payment providers and banks that teamed up with Ripple for the remittance technology. Only a few are using the XRP coin at the moment for transactions.
Consequently, XRP languishes while other digital currencies soar, says Smartereum.
More than that, the online publication also notes that Ripple is also facing stiff completion with competition – rival crypto firms and banks that have launched “bank coins.”
XRP adoption intensifies
We recently reported that XRP adoption is on the rise.
Ripple’s global head of banking, Marjan Delatinne said that the San Francisco-based firm has 20 clients who are using the XRP-based xRapid.
During a new interview with Global Trader Review, Delatinne highlighted the use case for xRapid and the massive impact that it can have on cross-border payments, and this is visible especially in countries where it’s slower and also more costly to move money.
The community is still waiting to see the price of XRP mirroring all these achievements.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.