For the cryptocurrencies of Ripple XRP, the last 2 years have been a real test of strength. The token has been trying for a long time to establish itself in the cryptocurrency market and approach several stages to the market capitalization of flagship cryptocurrencies. But 2020 did not start for XRP as successfully as the adherent of the token would like.
Over the past three months, the price of XRP has fallen by 40%. This looks depressing, as the token has far “gone” from its historic high of $ 4.00 for 2018. The weakness of XRP demonstrates the prevalence of the bearish trend, so analysts are in no hurry to make a forecast for the future. So far, XRP looks weak against the background of the US dollar and Bitcoin. The good news is: if you take market indicators at the macro level, XRP is ahead of Bitcoin.
XRP “fades” against the backdrop of price success Bitcoin
Cryptocurrency XRP has recently been stably in a precarious position. Token market indicators for the previous year demonstrate this very expressively. In 2019, the XRP price was $0.36. Throughout the year, the token exchange rate has constantly fluctuated and eventually dropped to 0.18 dollars. Thus, the price of XRP at the end of 2019 decreased by more than 50%.
If you look at the market indicators of Bitcoin for a similar period, we will see a radically different picture. The price of Bitcoin increased in 2019 from $3,800 to $13,000. But the collapse also affected the flagship cryptocurrency. From the peak reached in July, the price of Bitcoin fell to $7,300.
It is worth because despite the decline, the Bitcoin exchange rate in 2019 has almost doubled.
XRP takes on the role of an effective macro asset
Bitcoin continues to remain the flagship cryptocurrency and move it from a leadership position – this is a task that is not “tough” to XRP. Despite the bullish impulses that were observed until 2017, the dynamics of the token price remains poor. Also, one should not forget that in many respects the price of altcoins depends on the behavior of Bitcoin and its reaction to changes in market conditions.
Adherents of XRP urge not to despair. An anonymous crypto trader on Twitter noted that XRP exceeds Bitcoin at the macro level and this gives great hope for a token price rise in the future. In his opinion, despite the downtrend, XRP continues to be a reliable digital asset.
Now it’s difficult to predict how XRP will behave against the backdrop of Bitcoin halving. Will the token strengthen its position or continue to follow the scenario of depreciation? We will be able to find out very soon.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.