Despite big partnerships, XRP is the only top 10 crypto to drop year-to-date ๐จ This article is 5 years old...
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Despite big partnerships, XRP is the only top 10 crypto to drop year-to-date
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Updated: Dec. 7, 2019 at 4:09 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
XRP, the native cryptocurrency of the XRP Ledger and RippleNet developed by Ripple, is the only top 10 crypto asset to record a drop against the U.S. dollar year-to-date.
In the same period, the price of Bitcoin has increased by more than two-fold from below $4,000 to $9,100 and other crypto assets such as Ethereum, Litecoin, and Binance Coin have increased by 50 percent to 200 percent.
Coins in Jan 2019 vs Nov 2019 $BTC = $3.7k –> $9.2k$ETH = $133 –> $185$LTC = $31 –> $58$XRP = .34c –> .29c$BNB = $5 –> $20 $LINK = .30 –> $2.68$EOS = $2.56 –> $3.31$BSV = $89 –> $132$BCH = $154 –> $294
MCap has 2x'd in USD & $XRP still ended up in the red.
?— CryptoThies (@KingThies) November 3, 2019
Why XRP price is lagging behind amidst strong partnerships
As previously reported by CryptoSlate, Ripple has secured high profile partnerships throughout the year, including its deal with payment processors to utilize XRP in processing international remittance payments.
The MoneyGram deal, for instance, led to a substantial spike in the volume of XRP in Mexico, as the remittance service provider started to expand its usage of XRP.
According to Asheesh Birla, senior vice president of product at Ripple, MoneyGram CEO Alex Holmes said:
โOur partnership with Ripple will be a competitive differentiator in the months and years ahead.โ
Yet, the price of XRP has dropped from $0.34 to $0.29, by nearly 15 percent in the past 11 months, despite the optimism surrounding its partnerships.
Currently, analysts generally believe the sluggish price trend of XRP to have been caused by the sales of the crypto asset by Ripple.
In its quarter 3 report, Ripple said that it sold $66.24 million worth of XRP, with the vast majority being sold to institutions.ย Ripple said:
โRipple sold $66.24 million XRP in Q3 2019, a 73.7% decrease in sales in XRP QoQ, as measured in USD. Overall market capitalization of digital assets decreased in Q3, with the overall market cap losing 30.4%. XRP price declined 35.4% QoQ.”
However, the firm noted that it intends โto maintain a similar approach to Rippleโs XRP sales as compared with Q3,โ hinting at additional sales of the asset approaching the yearโs end.
Can it recover?
In the past month, technical analysts like Peter Brandt have said that XRP looks to have finally bottomed after what has been a relatively poor year for the crypto asset in terms of price. Brandt said:
โThe diamond pattern has always been a top pattern among traditional markets. I suppose pattern might work for a bottom in crypto markets. If you want to know what a very clean diamond looks like, see XRP.”
Eric Thies also noted that there is a large bullish divergence on the weekly for the asset against the U.S. dollar, not dismissing the possibility of a trend reversal in the short term.ย Thies added:
โThen again there’s a decently large bull div on the 1 week for XRPUSD so who knows how long this actually stays true for.”
With a major Japanese financial institution in SBI Group and a widely utilized remittance service provider in MoneyGram both doubling down on their focus on XRP, the asset seemingly has factors for a potential rally.
However, its year-to-date performance still has been poor when compared to other top cryptocurrencies.
XRP Market Data
At the time of press 4:09 pm UTC on Dec. 7, 2019, XRP is ranked #3 by market cap and the price is down 0.31% over the past 24 hours. XRP has a market capitalization of $12.68 billion with a 24-hour trading volume of $1.41 billion. Learn more about XRP ›
Crypto Market Summary
At the time of press 4:09 pm UTC on Dec. 7, 2019, the total crypto market is valued at at $246.96 billion with a 24-hour volume of $72.04 billion. Bitcoin dominance is currently at 67.33%. Learn more about the crypto market ›
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Theย XRP Ledgerย is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Bitcoin
$96,870.83
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Litecoin
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Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Eric Thies, a Seattle native, pursued his higher education at the University of Arizona.
Peter Brandtย entered the commodity trading business in 1976 with ContiCommodity Services, a division of Continental Grain Company.