In the same period, the price of Bitcoin has increased by more than two-fold from below $4,000 to $9,100 and other crypto assets such as Ethereum, Litecoin, and Binance Coin have increased by 50 percent to 200 percent.
Coins in Jan 2019 vs Nov 2019 $BTC = $3.7k –> $9.2k$ETH = $133 –> $185$LTC = $31 –> $58$XRP = .34c –> .29c$BNB = $5 –> $20 $LINK = .30 –> $2.68$EOS = $2.56 –> $3.31$BSV = $89 –> $132$BCH = $154 –> $294
MCap has 2x’d in USD & $XRP still ended up in the red.
— CryptoThies (@KingThies) November 3, 2019
Why XRP price is lagging behind amidst strong partnerships
As previously reported by CryptoSlate, Ripple has secured high profile partnerships throughout the year, including its deal with payment processors to utilize XRP in processing international remittance payments.
“Our partnership with Ripple will be a competitive differentiator in the months and years ahead.”
In its quarter 3 report, Ripple said that it sold $66.24 million worth of XRP, with the vast majority being sold to institutions. Ripple said:
“Ripple sold $66.24 million XRP in Q3 2019, a 73.7% decrease in sales in XRP QoQ, as measured in USD. Overall market capitalization of digital assets decreased in Q3, with the overall market cap losing 30.4%. XRP price declined 35.4% QoQ.”
Can it recover?
In the past month, technical analysts like Peter Brandt have said that XRP looks to have finally bottomed after what has been a relatively poor year for the crypto asset in terms of price. Brandt said:
“The diamond pattern has always been a top pattern among traditional markets. I suppose pattern might work for a bottom in crypto markets. If you want to know what a very clean diamond looks like, see XRP.”
Eric Thies also noted that there is a large bullish divergence on the weekly for the asset against the U.S. dollar, not dismissing the possibility of a trend reversal in the short term. Thies added:
“Then again there’s a decently large bull div on the 1 week for XRPUSD so who knows how long this actually stays true for.”
With a major Japanese financial institution in SBI Group and a widely utilized remittance service provider in MoneyGram both doubling down on their focus on XRP, the asset seemingly has factors for a potential rally.
However, its year-to-date performance still has been poor when compared to other top cryptocurrencies.