- XRP is declining heavily, and it seems like it will continue to decline for the short term
- The falling price of XRP has claimed the title of being the worst-performing digital asset of the year
- The XRP Army can still cheer because of Ripple’s recent development strategies
XRP, the best performing major altcoin, in the last few months, observed that its price was correlated with the price of Bitcoin (BTC). Indeed, as Bitcoin’s price started to recover, the price of XRP had a heavy fall. Indeed, suffering a heavy correction, the price of XRP lost the support level of $0.6.
Will Ripple (XRP) continue to decline?
Recently an active crypto enthusiast tweeted and shared a price analysis of Ripple’s native token XRP. In the chart, the analyst hinted that the price of XRP might get towards $0.30 if it declines downside the target. However, observing the current performance of XRP, it seems like the token price will get back to the level of $0.3.
Is XRP now the worst-performing major digital asset?
According to a recent analysis report from Messari, a cryptocurrency analysis firm, XRP remained more of the same this year, like 2019. According to the report, among the top 25 tokens by market capitalization within the first quarter of this, XRP only has a very poor performance. According to the data from CoinMarketCap, it is observed that as XRP knocked out of the top three coins by market capitalization, it is currently facing historical lows. However, there are potential reasons from both inside and outside that could have affected the performance of XRP.
Reasons behind the token’s worst performance?
At the market level, it is observed that the impact of the global COVID-19 pandemic has played a vital role. The consequences of the pandemic shaped the bearish mood among the investors. Indeed, beyond the pandemic, some of the internal actions within Ripple have also contributed to the performance of the token. Earlier this year, the report of Messari also noted that XRP would not be profitable as the sale of the token only helps to finance the business.
XRP Army could still cheer for some development
Ripple had recently forged a strategic partnership with the National Bank of Egypt (NBE) to expand its ecosystem’s global footprint. On the other hand, the firm has also expanded its business in the United States Mexico remittance market. This expansion could potentially play a vital role in the adoption of Ripple’s native token. Simultaneously, Bitmex, a cryptocurrency exchange based in Seychelles, introduced its plan of offering XRP perpetual swap contracts that can help to stimulate the tokens trading down the road.
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