Bitcoin Year to Date Metrics Performing Well as Ripple’s XRP and Stellar (XLM) Still Look for Catalyst
The cryptocurrency market is experiencing the best time since 2018 bearish trend and it has already added more than $40 billion to its overall market cap. The crypto market has been bullish since the start of 2019, however, the significant price rally started back in April, where Bitcoin and many other major altcoins broke their upper key resistance level and made double-digit gains. Bitcoin has also surged past the most important market resistance of $6,000 yesterday.
However, there have been exceptions to the current bullish market where two altcoins Ripple's XRP and Stellar Lumens (XLM), two digital tokens of similar functionality have not been able to reap the riches of the current market trends. Crypto analysts whose twitter handle goes by the name of Ceteris Paribus noted that the two altcoins in top 10 have not been able to get past their key resistance like many of its counterparts. His tweet read,
“The only coins in the top 10 that are down YTD are $XRP and $XLM, which share identical strategies of trying to become global payment platforms.”
It's even harder to comprehend given the fact that Ripple has been making great strides in worldwide adoption where major commercial and even central banks of various countries have implemented Ripple made banking technology in their consensus.
XRP started 2019 at $0.353 and maintained its price over $0.3 up until the end of January, and dropped down to a yearly low of $0.291. When the crypto market saw a surge of prices in April where altcoins like Bitcoin cash even gained more than 50% on a single day, XRP only managed to hold its position at $0.367. However, while the rest of the market was able to solidify on those gains, XRP lost around 15 percent towards the mid of April.
The only respite for the token came in the form of Nasdaq, the second largest crypto exchange, which introduced XRP Liquid index to its GID service, which came into effect from May 1st, the listing helped the token to make a record isolated gain last week. However, those gains did not last long and its price has again slumped back to $0.30.
XLM Is Also Facing A Tough Resistance
Stellar Lumens (XLM) is also facing a tough time even when the rest of the market is enjoying the surge. XLM boasts of IBM partnership which makes it the token of use on IBM's World Wire Programme. However, having such a big name backing it as a partner, the token has failed to climb the price charts even during the strongest bullish trends.
XLM started 2019 at $0112, but its prices continued to tumble down and brought it to $0.073 in February, the lowest price for token over a period of one year. The strong bullish trends starting from April helped the token to rise above its yearly low price and brought it to $0.133. However, the token has not been able to solidify on those minimal gains and its prices continued to slide down. The price of the token has seen a significant dip of more than 17 percent since the beginning of 2019. Currently, it is trading at around $0.0913.
If the XRP and XLM are not able to gain the momentum in price, it might lose the top 10 cryptocurrency tag whenever the full-fledged bull run takes charge.