The recent surge in the cryptocurrency market has sparked discussions about the potential of various digital assets to reach new heights. While prominent digital assets like Bitcoin (BTC) have experienced significant growth, some others, like XRP, have exhibited a more sluggish performance.
XRP’s lackluster price movements have been a point of discussion in the community for a while, with prominent community members revealing that investors are abandoning the digital asset.
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Bitcoin’s Dominating Influence and XRP’s Lagging Performance
Bitcoin’s recent rally, surpassing $63,000 and inching closer to its 2021 peak, has sent ripples throughout the cryptocurrency market.
This significant surge has been accompanied by similar surges in prominent altcoins like BNB, Solana (SOL), Shiba Inu(SHIB), and Cardano (ADA), all experiencing double-digit percentage growth.
However, XRP has displayed a more modest increase of 15.68% in the last 30 days, lagging behind its counterparts.
The asset’s poor performance has reignited concerns about XRP’s ability to replicate its 2018 highs. Notably, the asset failed to capitalize on the broader market surge witnessed in 2021, further raising questions about its potential in the current bull run.
Could XRP Lose Its Spot?
Joshua Jake (@itzjoshuajake), a prominent figure within the cryptocurrency community, has expressed his reservations regarding XRP’s potential to reach its all-time high. He acknowledges the asset’s current position as the sixth most valuable cryptocurrency but argues that competitors like Chainlink (LINK) and Polygon (MATIC) pose a significant threat.
Jake highlights the impressive growth trajectories of LINK and MATIC, which have rallied over 30% each in the last 30 days.
Can $XRP hit all time highs this Bull Run?? pic.twitter.com/5h6YS8BFeU
— Joshua Jake (@itzjoshuajake) February 28, 2024
This stands in stark contrast to XRP’s more modest gains. He suggests that these competitors, currently positioned several rungs below XRP on the market capitalization ladder, could potentially overtake the digital asset and claim its market share.
Solana achieved a similar feat in December when its market cap surpassed that of XRP. This signifies that the crypto asset’s time might be running out as these coins grow rapidly.
Jake highlights the fact that XRP has not reached a new all-time high in over six years. Although he acknowledges that holding XRP remains a valid option for individuals with faith in the project, he emphasizes the importance of diversification of crypto portfolios.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
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He also emphasizes Bitcoin’s unprecedented price movements, suggesting it could potentially trigger a “fear of missing out” (FOMO) frenzy among retail investors. However, he cautions that this FOMO may not extend to XRP.
Although XRP has not met expectations, it has breached the $0.6 level, currently trading at $0.6051. All hope is not lost for the asset, as many top analysts are bullish on its short and long-term future.
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