Ripple’s XRP Worst Performer Last Quarter, Flash-Crashes on Sudden Sell-Off
The XRP market price has failed to budge from the $0.30 range, while both Bitcoin (BTC) and altcoins saw significant recoveries from December’s lows.
The worst performer in the past quarter turned out to be Ripple’s XRP, which hardly budged despite the recovery in Bitcoin (BTC) and the rallies in several altcoins. XRP remained in the $0.30 - $0.31 range, with the rare breakout. But the asset saw a backlash from the crypto community.
XRP remains one of the most prominent coins on social media, with a widespread community and a rather aggressive promotion program. However, this did not help the market price go in any direction.
The asset is still down 92% from its peak, while other coins are down roughly 70%. The most recent BTC rally also led to a crash in XRP, with it losing more than 8% overnight. XRP dropped to $0.29 as of 8:00 UTC on Wednesday, as BTC established its market dominance.
https://twitter.com/TheCryptoSniper/status/1120959456093843456
The XRP asset suffered from Ripple’s bid to appeal to banks, which undermines the appeal of the coin. The asset is not seen as a natural part of the cryptocurrency ecosystem.
Along with XRP, the Stellar (XLM) project has also seen stagnant performance, hovering close to $0.11. Stellar works as an open-source version resembling the Ripple network, also attempting to appeal to banks for a cross-border payment system. However, the breakthroughs are not helping those assets gain a foothold and rise more rapidly.
XRP had hopes of the asset rising in price as the xRapid system launched. The payment system requires XRP to function, but so far has not raised market prices for the asset.
https://twitter.com/GG81942496/status/1120801944707239936
The XRP losses were exacerbated by the sell-off on Wednesday, as the asset lost as much as 6% of its price within an hour between 7:30 and 8:30 UTC. XRP showed much deeper losses in the past hour, surprising some market participants.