Crypto intelligence platform Arcane Research says interest in XRP appears to be dissipating as Bitcoin and Ethereum pull away from Ripple’s native token.
In a look at the top three crypto assets through the first half of 2020, the firm says XRP has struggled to regain its footing after the coronavirus-induced sell-off in March, while BTC and ETH have made swift recoveries.
“Initially, 2020 started out strong for the top 3 coins but as the markets crashed in March, the three musketeers have seen vastly different growth trajectories.
ETH (+75% YTD) and BTC (+27% YTD) have recovered from the Covid-19 crash, while XRP disappoints (-9% YTD)… DeFi innovations and Proof-of-Stake anticipation have been driving the ETH growth, while the interest into XRP has died off as XRP struggles to recover since the crash.”
Source: Arcane Research
The crypto analysis firm says XRP looks pale after losing 14% of its exhausted market cap in June and posting a meager 1% growth in the second quarter of 2020.
BTC and ETH have moved in tandem en route to outperforming the fourth-largest cryptocurrency with gains of 44% and 70% over the same stretch.
Crypto analyst Luke Martin says XRP may not hit a bottom until it hits a historic line of support against BTC at 0.000015 BTC, which is worth about 14 cents.
“The last few months have been pretty wild for large groups of altcoins with a rise in interest, narratives, and volume. One altcoin that usually gives at least 1 pump during a time like that is $XRP. But not this year…it’s been dropping all of 2020…
[XRP’s drop to .000015 BTC] worked well in 2017! I would enjoy that chart so much that it’s worth hearing the ripple army for another few years if that plays out as bottom before [it pumps] again.”
XRP is up 0.71% at $0.1776 at time of publishing, according to CoinMarketCap.
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