Ripple’ XRP token is off to a terrible start in 2019. Just after Bitcoin managed to conquer the bull territory back, the third largest altcoin by market cap crashed by 16 percent. Following the price movements, we read the analysis in the coming altcoin news below.
The crypto asset is now the worst-performing asset among the top ten cryptocurrencies. While the entire market goes into bull territory again, Ripple’s XRP token started to pull back. It also pulled back during the trading session yesterday and it crashed by 7 percent reaching a price point of $0.03 price mark. The altcoin is continuously underperforming bitcoin but also the entire crypto market.
The crypto market massively improved in the first couple of months of 2019. For example, Bitcoin surged up to 43 percent since the year started. The number one cryptocurrency even managed to outperform most of the stock market. Rather than Ripple (XRP), other cryptocurrencies also performed well. Litecoin for example, increased up to 135 percent since January while EOS increased up to 82 percent. The most popular coin currently, the Binance Coin surged up to 283 percent.
However, Ripple (XRP) failed to join its peers and was left stuck 92 percent lower than its all-time high of $3.84. As the best cryptocurrency news sites wrote, there was a lack of price action behind the digital asset. The company is currently trying to provide international remittance technology for major banks. But despite the efforts, only a few financial institutions are actually using the XRP token for liquidity.
The CEO of Ripple Brad Garlinghouse, was very positive back in the past when he claimed that ‘’dozens of banks will be using Ripple’s xRapid service.’’ So far, there is only one licensed bank to use the xRapid system. The system is not yet ready to change the entire finance industry. Traders are still coming back to the traditional methods since they don’t trust cryptocurrencies as much.
The selling point of Ripple’s XRP token was decreased right after JP Morgan and Facebook entered the crypto industry. The industry was shaken when the new JPM Coin was introduced earlier this year and some analysts believe that this was one of the reasons that lowered down the XRP’s action.
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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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