Earlier this year, the XRP community had high hopes for digital asset performance. As the alternative currencies rebounded, Ripple, the company behind XRP, experienced a series of bullish developments that further fueled hopes. Unfortunately, this did not create a tide strong enough to lift XRP from the crisis.
New research from Arcane Research suggests that interest in XRP cryptocurrency has waned as bitcoin (BTC) and ethereum (ETH) flourish.
Interest in XRP has dwindled as it struggles to rebound since the March correction across the market
An analysis of the performance of Arcane's top three cryptocurrencies during the first half of 2020 reveals that the price of XRP seems pale from the market chaos in mid-March. BTC and ETH, on the other hand, have posted strong recoveries since then.
"Initially, 2020 started strong for the top 3 currencies, but as the markets collapsed in March, the three musketeers have seen very different growth trajectories. ETH (+ 75% YTD) and BTC (+ 27% YTD) have recovered from the Covid-19 crash, while XRP disappoints (-9% YTD). ”
The research firm also noted that XRP's second-quarter performance was fairly flat as it only recorded a 1% gain after losing up to 14% of its already anemic market capitalization in June alone, while BTC and ETH posted gains of 44% and 70% respectively in that quarter.
Arcane cites DeFi and ETH 2.0 anticipation as the key drivers of ethereum pricing. For XRP, interest in the fourth cryptocurrency "died out" as it struggles to recover from the Black Thursday correction, Arcane said.
Moving forward with XRP
Some crypto analysts are concerned that XRP will slip further in the near future before hitting bottom. Cryptocurrency fan Luke Martin postulated recently that XRP has been crashing throughout 2020.
The last few months have been pretty wild for large groups of altcoins with a rise in interest, narratives, and volume.
One altcoin that usually gives atleast 1 pump during a time like that is $ XRP.
But not this year… it’s been dropping all of 2020.
Where’s the bottom? pic.twitter.com/RqUlY8iDxc
– Luke Martin (@VentureCoinist) July 2, 2020
In response to the question of where is the bottom for XRP, fellow analyst CryptoDonAlt joked "At 1500 sats". According to Luke Martin, this worked quite well in 2017 and this trend could work the same again, meaning XRP could drop to that level before a big bomb.
Others, like analyst Nicholas Merten, believe there is still hope for XRP in the short term. As previously reported, Merten noted that XRP has been in a descending wedge for more than a year and is likely to be trapped there for a month at most before exploding in a massive rally.
Meanwhile, XRP is valued at $ 0.188, with gains of 6.70% in the past 24 hours.