The ongoing cryptocurrency bull market has fueled impressive gains for many top assets, but XRP’s performance has lagged behind the pack. Pro-crypto attorney Bill Morgan highlighted this discrepancy, sharing market analysis data from CoinCodex.
The data illustrates XRP’s performance relative to other crypto assets over the past year. “Not great,” Morgan commented, emphasizing that “62 of the top 100 cryptos are outperforming XRP over the last year.”
Despite this underperformance, renowned crypto analyst Zach Rector remains bullish on XRP’s future. He predicts significant growth for the asset, underscoring its potential and long-term trajectory.
Read Also: Expert Proves That Increased Supply Is Not Cause of XRP Price Underperformance
XRP’s Underperformance
Since October 2023, XRP has experienced a moderate growth of roughly 45%. While positive, this pales in comparison to other major cryptocurrencies over the same period. Binance Coin (BNB) boasts a 188% surge, while Solana (SOL) has seen an impressive 665% increase. Even top-ten counterparts like Cardano (ADA), Dogecoin (DOGE), and Avalanche (AVAX) have recorded gains of over 200%.
This underperformance, approximately six months into the bull cycle, has understandably stoked frustration among XRP enthusiasts eager to capitalize on market-wide gains.
Analyst’s Optimism
Despite the recent price action, Zach Rector, in a 59-second clip he posted on X, challenges the rising pessimism surrounding the digital asset. “XRP holders have faced challenges, but I firmly believe this bull run offers significant potential for the asset,” Rector emphasized. He advises focusing on XRP’s strong fundamentals and established use cases within the global payments sector.
Rector points out that XRP’s real-world applications, such as facilitating cross-border remittances, set it apart from many other cryptocurrencies. He believes this, combined with its robust community support, indicates a strong foundation for future growth.
XRP will NOT miss this bullrun! pic.twitter.com/ICbU8XvmaO
— Zach Rector (@ZachRector7) March 13, 2024
It’s essential to remember that XRP’s price trajectory has been significantly impacted by the ongoing legal battle between Ripple and the SEC. While a resolution between Ripple and the U.S. regulator is in sight, its conclusion remains uncertain, many speculate that a favorable outcome for the cross-border payment firm could trigger substantial price appreciation.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Analyst Weighs In On XRP Surging 7,768,700% to Hit $50k when Bitcoin Reaches $500k
Potential for Growth
Although XRP missed the 2021 bull market, analysts suggest its potential remains strong. Some predict that the crypto asset could reach the $10 mark during this cycle, a testament to the belief in its long-term trajectory.
XRP’s recent price action might not mirror the explosive growth seen across other cryptocurrencies, but analysts like Zach Rector see a compelling future for the asset. Its fundamentals, real-world use cases, and potential regulatory tailwinds provide reasons for both caution and long-term optimism.
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