Analyst Explains Why XRP Is The Worst Performing Cryptocurrency Among The Top 10

Ripple News Today – Bitcoin surged towards the bull territory in the first half of 2019. Some altcoins experienced an uptrend during this period, especially Binance coin that exceeded the value of Bitcoin. Unfortunately for XRP, its value dropped. The third-largest digital asset by market capitalization crashed. It became the worst performing cryptocurrency among the top 10 in the first half of 2019. In the analysis of the crypto market in the first six months of the year, most of cryptocurrencies had a good time.

Ripple News Today – XRP News Today – XRP Prediction 2019 – Worst and Best Performers Among The Top 10

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.

The data obtained from CoinMarketCap showed that Binance coin’s (BNB) had a rise of 424% during this period. According to the statistics, the price of BNB increased from $6.19 on Jan 1 to $32.44 at the close on June 30. This staggering rise made it the best performing digital currency in the first six months of 2019.

Based on its market value, BNB had been the seventh-largest cryptocurrency. The Binance token is used for transaction fees on the exchange’s platforms and for other purposes. Besides its role in the trading activity on Binance, Binance Launchpad may have contributed to BNB uptrend. The token platform demanded that participants should purchase the exchange coin. Currently, the token which sold at a high price of $39.52 on June 22, trades at $33.50.

Ripple News Today- Why Is XRP In a Bearish Trend?

The drop in the price of XRP may have resulted from little patronage it received on the crypto market. Despite many payment providers and banks that partnered with Ripple for provision of remittance technology, only a few currently use the token for transactions. Consequently, XRP languishes while other digital currencies soar. Ripple is also facing stiff completion with other rival crypto firms and banks that have launched “bankcoins.”

XRP remained stuck at 92% below its highest price of $3.84 during the period under observation. From the analysis of the crypto market, other altcoins among the top 10 cryptocurrencies performed better. Litecoin surged to 135% gains while EOS had an increase of 82%. Though Bitcoin rose to 188%, it seems the top cryptocurrency will experience a further increase in price.

It also obvious that the entrance of Libra, Facebook‘s fiat, didn’t negatively affect Bitcoin. While the price rise in Bitcoin favored most digital currencies, XRP performed poorly. Despite the bull market indicator on XRP’s chart at the end of May and early June, the cryptocurrency only recorded little gain.

Ripple News Today – XRP News Today – XRP Price Prediction 2019 – XRP Prediction 2019 – A Breakout to Trigger An Uptrend

It appeared as if XRP will surge forward when it made a breakout on June 22. However, the rise was short-lived as its price dropped to 12% on June 27. The positive shift encouraged sales, then the cryptocurrency dropped to its lowest price of $0.37. XRP needs a strong breakout to move to a bullish trend.

The digital currencies made a powerful comeback in the first six months of 2019. However, XRP failed to recover like other cryptocurrencies among the top 10.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.


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