While Ripple, the Company, Continues Making Money Moves, XRP’s 2019 Q1 Performance was Very Subpar
XRP has finally fallen under $0.3 when Bitcoin (BTC) and other virtual currencies are performing in a much better way. Indeed, some digital assets such as Binance Coin (BNB) have reached their previous all-time highs. XRP would clearly have to improve its performance in the market if it wants to remain attractive to investors.
XRP The Worst Performer Crypto Last Quarter
Ripple’s XRP has been the worst performer digital currency in the last quarter. This is something that is making investors worried. How long will the price of this digital asset remain between $0.29 and $0.35 while other digital assets expand in the market?
Since it skyrocketed back in January 2018, the digital currency is down more than 90%. Thus, traders and investors are expecting digital currency to start growing again. Bitcoin and other cryptos have already moved from their bottom and expanded over 200% in the last few months, or even more. For example, Litecoin (LTC) moved from $24 to $94 in since December, a price increase of almost 300%.
The cryptocurrency ecosystem has several times attacked XRP and its community for being a digital currency used by bankers rather than by people and firms that want to avoid the traditional financial system. Although the banking and financial industries have been embracing Ripple’s services, the company and virtual currency have new competitors.
For example, JP Morgan Chase released its own virtual currency called JPM Coin. The investment bank will be using its own digital currency in order to perform transactions between banks and other clients. Furthermore, other digital currencies such as Stellar Lumens (XLM) are also competing against Ripple and XRP.
Now, XRP has reached its lowest price since February this year, and if it falls under $0.26 it will be reaching the lowest value since December 2017. This is clearly not positive for Ripple and XRP, that are trying to remain competitive in the space.
Just yesterday, Ripple released its quarterly report in which they show that they sold $169 million in XRP, representing 0.32% of the total XRP volume during this quarter. Although this is not the only factor influencing XRP’s price, it played an important role in the current price of the digital asset.
At the time of writing this article, each XRP is being traded for $0.3 and it has a market capitalization of $12.62 billion.