Arcane Research: XRP struggled to regain footing after the sell-off in March, while BTC and ETH have made swift recoveries
According to the crypto intelligence platform Arcane Research, interest in XRP seems to be dissipating as Bitcoin and Ethereum pull away from XRP. Elsewhere, Ripple is trying hard to regain its position after the XRP sell-off in March 2020.
Interest in XRP appears to be dissipating as Bitcoin and Ethereum pull away from Ripple’s native token
Starting in 2020, the top three cryptocurrencies in the market have witnessed different growth trajectories. After the Black Thursday event, Bitcoin and ETH recovered quickly while XRP remained stagnant.
The report stated:
“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.”
Moreover, XRP looks unsettled after losing 14% of its market cap exhausted in June and posting a meager 1% growth in the second quarter of 2020. BTC and ETH have moved along the roadmap to surpass, outperformed the fourth largest cryptocurrency by a 44% and 70% increase in the same period.
Elsewhere, crypto analyst Luke Martin said:
“XRP may not hit bottom until it hits a historical 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 atleast 1 pump during a time like that is $XRP.
But not this year…it’s been dropping all of 2020.
Where’s the bottom? pic.twitter.com/RqUlY8iDxc
— Luke Martin (@VentureCoinist) July 2, 2020
The last few months have been wild for large altcoin groups with an increase in interest and volume. An altcoin usually provides at least one pump during such times of $ XRP. But not this year, XRP has been dropping all of 2020.
“XRP’s drop to .000015 BTC worked well in 2017! I would enjoy that chart so much that ate worth hearing the ripple army for another few years if that plays out as bottom before it pumps again.”
Ripple native token has struggled with gaining traction and is still down year-to-date
However, an uptick in price today may provide at least some relief for hopeful holders of XRP. XRP is up 3.6% over the past 24 hours, trading at a price of $ 0.183 per token. The rise compares to a gain of 1.5% for Bitcoin and 3% for ETH over the same time period, and makes XRP today’s second-best performer among the top 10 crypto assets by market capitalization, following Bitcoin SV (+7%).
The latest uptick in price today comes after the Ripple price has managed to stabilize just above the $ 0.1750 since June 27, following a month-long downtrend that pushed the token down by about 20%.
XRP broke through a downward trendline against the USD | Source: Tradingview.com
On the longer-term charts, however, the technical outlook for XRP still appears bearish, given that the asset only for a brief period of time managed to stay above levels from before crypto’s Black Thursday on March 12. The pre-crash level was recaptured briefly on April 28, before the price fell again on May 10 to below the $ 0.208, signaling bearish sentiment among traders.
- CoinGecko Report: BTC, ETH, XRP, BSV, BCH Have Shown An Average Gain Of 22% In Q2 2020
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