XRP, the cryptocurrency backed by Ripple, has experienced a significant decline in value against Bitcoin since 2017, despite the recent bull market in the crypto industry. This trend is expected to continue in the near future, with XRP being overshadowed by other alternative coins.
XRP is considered one of the underperforming altcoins among the top 20 most valuable digital assets by market capitalization. Despite having a fully diluted valuation of approximately $50 billion and an average daily traded volume of around $814 million, XRP has often been referred to as a “zombie altcoin.”
In addition, XRP has been outperformed by Bitcoin over the past five years. Recent market data shows that while XRP has only gained around 63 percent during this period, Bitcoin’s price has increased by over 1000 percent.
Renowned trader Peter Brandt predicts a bleak future for XRP holders, stating that the cryptocurrency’s value against Bitcoin will continue to decline in the coming months. Brandt reminds XRP enthusiasts that the digital asset has already lost more than 70 percent of its value in the past five years.
Brandt’s analysis has faced criticism from XRP supporters, who argue that the cryptocurrency outperformed many others in 2017. However, Brandt maintains that the XRP/BTC chart indicates a downward trend for XRP.
The past few years have been challenging for XRP holders, as Ripple has faced legal issues and monthly market dumps. As the crypto market enters the parabolic phase of the bull cycle, XRP has struggled to keep up. For example, Binance, the leading cryptocurrency exchange, recently announced that it would discontinue support for XRP due to low demand and potential regulatory pressure.
XRP’s price against the US dollar has found support at around 50 cents, but it must regain the weekly support level above 58 cents to avoid further decline in the near future. Currently, XRP’s price is down approximately 2.3 percent in the last four weeks, trading at around 50 cents.
Overall, XRP’s future remains uncertain, with the cryptocurrency facing challenges and competition from other promising projects in the web3 space. Investors are advised to exercise caution when considering XRP as an investment option.