The rest of the market has made significant gains with Bitcoin’s swift run in the market. However, the market’s good going hasn’t made any difference for Ripple’s XRP.
On the other side, if we examine Ripple, it has had a successful year with several collaborations and adoption by different payment providers and financial institutions. With Ripple progressing in the right direction, this raises a question on the utility of Ripple that why it has lacked to boost up the market performance of XRP.
With all the massive partnerships gained by Ripple over the last couple of years with Santander, Moneygram, and other top financial firms don’t seem to entertain XRP’s price. So, what has caused XRP price to stay in the bearish trend?
The main reason lies behind the lack of usage of XRP token by financial firms. As we know, Ripple provides its remittance and cross-border services to hundreds of banks and payment providers across the globe. Despite providing its services at such large scale, the restrained use of XRP token hasn’t helped XRP price to soar.
Ripple’s popular product xRapid uses XRP as a fundamental currency, and the blockchain firm’s CEO, Brad Garlinghouse affirmed earlier this year that by the end of the same year, there would be dozens of financial institutions that would start using xRapid. But so far, just one licensed bank is using xRapid service, and that shows us why XRP price has not really pumped up.
After what Ripple claimed regarding xRapid, it doesn’t seem that XRP so far has made such a difference that would skyrocket its price in the market. With all these overemphasized claims traders appears to move back.
Crypto analysts strongly believe that once Ripple completely captures the financial market system, XRP will see good times. But for now, we see new competitors coming in which cause a severe threat to XRP. The entrance of Facebook’s Libra and JP Morgans new crypto JPM Coin has weakened the progress of XRP.
This is just the beginning with Libra yet to launch in the market. These two cryptos could give a tough time to Ripple and could even capture its market in various regions. Libra and JPM Coin plans to provide faster and cheaper remittance services to banks which would directly target to surpass Ripple.
The Yearly Market Overview of Ripple’s XRP
If we compare Ripple (XRP)’s performance with other top cryptos, it stays at the bottom with even underperforming Tether.
XRP has dropped up to 20% since January 2019, whereas Tether dipped up to 1.74%. As the native cryptocurrency of Ripple stays at the bottom trading around a particular price mark, Bitcoin has soared over 200% in the last seven months, and Ethereum went up by 55%.
Is it getting better? It has gotten worse as XRP has fallen to its lowest price mark of 2019 after dropping below $0.30 today (10th Aug). As we write this, Ripple (XRP) trades at $0.299557. The only good thing is that it has entered the greenish zone with 1.61% upward movement.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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