XRP hovers below its December 2018 price; has the bull rally left it behind?

  • 16 July 2019, Tuesday, 09:10

Numbers and statistics define and explain almost everything we need to know in the financial landscape. For example, 2019 has been collectively accepted as a bullish year for the cryptocurrency market, with a majority of virtual assets boasting incredible growth since the demise of the crypto-winter. However, some of these stats can be slightly misleading.

December 2018 is widely recognized as the low point of the crypto-winter, with all major assets recording major devaluation. In fact, some of these assets fell to levels which were over 90% off from their all-time highs in 2017.

XRP was one such cryptocurrency that dropped down by almost 90 percent in December 2018. While XRP peaked at $3.60 back in the bull run of 2017, its valuation was down to $0.39 the following year.

Fortunately, the crypto-winter ended in April and the market’s resurgence led by Bitcoin and the likes of Litecoin and Binance Coin resuscitated the market. In fact, Bitcoin was at one point up by almost 250 percent this year. However, the same cannot be said for XRP.

When the cryptocurrency market began to rally this year, XRP joined in and climbed its way to its yearly high of $0.475. However, since 22 June, the coin has progressively lost valuation and over the last few days, the token has dipped by almost 23 percent.

At press time, XRP was valued at $0.309, a value lower than the lows of December 2018, the height of the crypto-winter. In 2018, XRP’s low was recorded to be a $0.39, which is still 20 percent more than its current valuation. These figures suggest that despite the larger market rally, XRP itself is hardly having a bullish year.

This is a surprising finding since its parent company, Ripple, has been at the heart of changing the face of modern-day finance. With its numerous collaborations, partnerships and initiatives, Ripple’s stock has surged across the world. Unfortunately, this hasn’t translated to XRP’s price.

However, the digital asset was not the only token facing the repercussions of a decline. The likes of Bitcoin Cash, Tron and Stellar Lumens were also down by almost 90 percent from their all-time high at press time, even after recording positive growth in 2019.

Source: ambcrypto.com