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.”
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.