This Top Coin, Being the Worst Performer of 2020, Is A Disappointment to the Crypto Market
The fourth-largest cryptocurrency by market cap is currently trading at $0.176 in green by 1.66%, like the majority of the market.
With 8.61% losses In 2020 so far, XRP has now beaten EOS to become the biggest loser among the top 25 cryptocurrencies. XRP is down over 26% against BTC YTD.
In the past seven days, XRP/USD dropped 3.22% and 14% in the past month.
Post COVID-19 crash hasn’t been a good time for XRP as such it’s performance during this period pales in comparison to the strong recovery made by Bitcoin (BTC) and Ethereum (ETH) since the March sell-off.
Last month wasn’t good for either BTC or ETH, which moved in a “flat tandem,” but it was worse for XRP, which struggled and lost “14% of its already heavily drained market cap,” noted Arcane Research while trying to answer “Is XRP dying?”
XRP was flat in Q2 of 2020 with just +1% gains while Bitcoin with +44% and Ethereum +70% gains outpaced the digital asset by big margins. While stablecoins, DeFi innovations, and Proof-of-Stake anticipation has been driving Ether higher, “interest into XRP has died off as XRP struggles to recover since the crash.”
XRP’s poor performance particularly started in Q2 because it did start 2020 strong. It was after the markets crashed in March that “the three musketeers have seen vastly different growth trajectories,” and XRP has been simply a disappointment.
XRP also lost its 3rd spot to Tether (USDT) last quarter, and some are expecting it to drop out of the top 10 list altogether.
At the beginning of this month, Ripple unlocked 1 billion XRP from escrow in different stages.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (88,240,341 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) July 1, 2020
Ripple is a “No Brainer”
Bitcoin proponent Anthony “Pomp” Pompliano, the co-founder of Morgan Creek Digital, recently shared his views of XRP, which he believes won’t benefit from Ripple’s success as a payment protocol.
“To me, if Ripple is successful, that doesn’t mean XRP has to be successful,” said Pompliano.
In the latest episode of his “The Pomp Podcast,” Pompliano talked about how Ripple excels as a blockchain-payment company with over 350 financial institutions and banks as its partners, but he remains unconvinced if this success is reflected in XRP. He said,
“What I don’t understand, and I think where I choose to not engage on the XRP side, is I don’t understand why people are buying it, speculating on future price movements.”
But Ripple’s mission as a software company that wants to build better software for banks is a “no-brainer,” which makes sense and is a “venture capital bet,” he said.
“I’m jealous I didn’t invest in Ripple in the seed round,” added Pompliano.