Ripple’s native token, XRP, was the underperforming large-cap token in 2019, and 2020’s performance isn’t much better so far. XRP got overtaken by LINK in terms of daily volume and nearly overtaken by USDT in terms of market cap.
15 April, 2020 | AtoZ Markets – Crypto analytics company Messari has ranked Ripple XRP 2020’s performance as the worst of all crypto assets. Unfortunately, the year is the disaster for XRP holders, as the cryptocurrency depreciated considerably and faced a series of bad news. The first and most important reason must be COVID-19 pandemic. The coronavirus brought all the cryptos to their knees, and the XRP was no exception.
XRP’s Poor Performance Continues
Messari released data showing that XRP has been the weakest performing crypto asset among the top 25 coins according to market cap in the Q1 2020. Last year, Ripple’s XRP also proved to be fatal. Now, it looks like the gloomy prospects will continue into 2020 as well. Currently, it is trading at $ 0.1861 per coin, which represents a historic low for the coin. There are many reasons for these performance statistics. The low performance of the XRP 2020 can be attributed to many internal and external factors.
Before the effects of the pandemic, Ripple was under fire from critics for selling large quantities of XRP. The Messari report cites the CEO who said that “Ripple would not be profitable or have no positive cash flow without the sale of XRP. The sales were helping to finance the business”. However, the total sales of XRP in the last quarter of 2019 decreased significantly from $ 66.24 million to $ 13.08 million in the Q3 of 2019.
Link Surpasses XRP in Daily Volume
XRP was also surpassed in volume earlier this week by the LINK (Chainlink) cryptocurrency. Moreover, it almost lost its No.3 spot in the Top 10 to Tether (USDT) in mid-March.
Messari founder Ryan Selkis noted, LINK surpassed XRP and ETH to become the second-largest trading volume that day with $ 130,535,603. This is much more than XRP’s 77,029,141 dollars in volume, which places it in the fourth position behind ETH. LINK is currently ranked 11th cryptocurrency by market capitalization and was one of the best performing coins of 2019, with exponential growth from $ 0.29 to $ 1.80.
Amid all this negative news, there is light at the end of the tunnel for the XRP. The crypto is gaining momentum in the cross-border remittance market. However, more and more crypto exchanges are now offering XRP on their trading desks. So, while the performance of the XRP 2020 is bleak, its long-term potential hasn’t diminished much.
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