Ripple can’t seem to keep up with the crypto rally these days especially once Bitcoin along with other cryptocurrencies exploded over the weekend after China’s intention to explore the potential of blockchain announcements. However, XRP is trading relatively slow as we are about to see in the Ripple XRP news below.
While Bitcoin received some of the biggest daily gains in its history, Ripple can’t seem to understand what is happening. It is true that the XRP/USD pair has imitated the rally of the crypto market but it has also done it at a microscopic scale. Ripple even lost more than 17 percent against Bitcoin since last Friday.
Last week, the Political Bureau of the CPC Central Committee conducted its 18th study on blockchain and right after that, China’s President Xi Jinping, praised the technology and its enormous potential, announcing extra funding. His comments sparked hopes that China will renew the stance on cryptocurrencies sooner or later. Bitcoin got a huge benefit from this optimism but so did the other altcoins. Many crypto analysts see this as an altseason that is coming from around the corner. But, is XRP playing this time?
It seems like the altcoin season will be going on without Ripple and there are several reasons for that. Bitcoin is still the most attractive cryptocurrency for the investors especially since Binance Futures and Bakkt launched recently. Ripple will continue to remain in the shadow of the largest cryptocurrency at least in the upcoming months. It is also worth mentioning that the expected bitcoin halving should come early in 2020.
XRP is one of the few cryptocurrencies that have a negative yield year-to-date while Bitcoin and other altcoins have seen significant gains YTD where some of the coins even doubled or tripled in the USD terms. This makes many XRP traders sad as they want to benefit from other crypto assets that perform well in the bullish market conditions.
There is also a lot of skepticism mainly because the network is run by a single company. However, XRP’s stagnation might be caused by Ripple’s intention to become much more functional instead of acting like a store of value. XRP has been used for the cross-border payment system since last year and has one purpose now which is to ensure liquidity in the system.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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