When Ripple (XRP) made its dramatic moves last month, both the company's leaders and the community went on to express expectations the Ripple network could displace Bitcoin. However, after a few weeks of a mix of price spikes and misgivings, the Ripple market price has started to unravel. 

The biggest blow was that the long-awaited listing on Coinbase was delayed until further announcement. The other setbacks for Ripple came from a community-wide discussion of its technology, which was found distasteful to supporters of decentralization. Many believed Ripple had no place among blockchain-based cryptocurrencies.

The fall of XRP happened just as the entire market went red again, but the losses for XRP were even more significant, burrowing down to a lower price range very rapidly: 

At the moment, Ripple has a very different trading profile on Korean exchanges, trading between $2.46 and $2.57 equivalent prices against the Korean Won. But XRP has slid from the attempt to top $4, and sank well below $3. 

The removal of the Korean price has set the tone for a lowered move. CoinMarketCap has decided to change its accounting policies, which caused minor confusion. But in the case of XRP, the loss of confidence is an additional factor for the downward spiral.

Last month's chart clearly shows several instances of sudden hype for XRP, but in the end the climb proved to be short-lived: 

However, the game may not be over for Ripple, as Japanese trading starts on the newly created DMM platform. Some believe XRP is actually very close to another big bounce to a higher price range. 

But the trouble with the recent downturn in XRP may be newcomers buying at the peak, when the biggest trading volumes occurred.

The recent month saw the ascent of several low-priced currencies. In the case of IOTA (MIOTA), the price has held up much better, at around $3.30. But this asset also took in buyers at the peak price above $5. 

The extent of Ripple buying is quite significant, and data shows a dramatic uptick of new accounts in December, with more than 1 million wallets funded in total. XRP is a coin with large "whales" holding big wallets, including the escrow-locked accounts of the founding company. 

In the past days, upward of 10,000 new XRP accounts have been created each day.

Ripple Adoption

The adoption of Ripple (XRP) is still in the trial stages. A recent petition to sent out to leading exchanges like Bittrex aims to change that. 

The petition will aim to position XRP as the chief means of exchange and liquidity booster on all exchanges, mostly due to fast transactions. At the moment, the USDT liquidity tokens in trading pairs are seen as both dangerous and unsuitable due to slow transfer times.

But this move would raise further questions on seeing Ripple as having too much centralized control.