Taking a critical look at the world’s most used crypto assets through the first half of 2020, Arcane Research, a crypto intelligence firm, revealed that XRP had been struggling after the COVID-19 market sell-offs that occurred in March, and has refused to pick up, while BTC and ETH have made swift recoveries.
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.”
Quick fact: Ripple (XRP), which began its origin in 2012, plays both the role of a payment platform system and cryptocurrency (XRP) it also enjoys the support of leading financial institutions around the world that include Standard Chartered, Barclays, Sumitomo Mitsui Financial Group, Bank of America.
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Don’t forget that XRP, the fourth most widely used crypto-asset behind Bitcoin, Ethereum, and Tether, had recently gotten the attention of the world’s biggest economy for money remittance.
U.S Consumer Financial Protection Bureau, which plays a major role in protecting America’s consumers in the financial sector, recently acknowledged Ripple by saying that it would seek continued growth and expanding partnerships with companies such as Ripple.
Crypto analyst, Luke Martin, also said that XRP’s bearish trend might continue until it hit a historic line of support against BTC at 0.000015 BTC, valued at 0.14%.
“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.”