Ripple’s price has dropped by 17% in the last week alone, and has compounded 4% losses in the last 24 hours. This takes Ripple back to a price not seen since December 14th 2017.
From a price of $0.546 earlier in the week, XRP has fallen to $0.453. While the loss margin doesn’t seem too out of place for an altcoin in the midst of a severely bearish market, it does take Ripple all the way back to 2017, right before the sudden surge witnessed across the breadth of the market from December through to January.
Back then, XRP jumped from a price of $0.453 to $3.81 within the space of three weeks. But unlike many coins which saw exponential growth during the surge of April, Ripple didn’t benefit from quite the same growth. XRP did see a boost of around 60% in April, but this pales in comparison to other competitors in the Top-10 who saw their value triple, or at least double in that time.
Examination of Ripple’s monthly trend gives even more cause for concern, with a 35% loss being recorded since June 4th, when one XRP token was worth $0.703. Taking readings from the ATH in January leaves Ripple nursing 88% losses in the last six months.
There’s room to question the usefulness of comparing current trends to those of January, but ultimately everyone is looking back over their shoulder, wondering if the surge at the start of the year really happened. At this point, many coins and tokens may as well not have experienced their turn of the year boost.
Ripple’s most concentrated activity at the time of writing comes against JPY – the Japanese Yen. In fact, 17.7% of Ripple’s total trading volumes come from Bitbank’s XRP/JPY trading pair. Bitcoin trades also make up around 17% of the daily volume, with those being split between HitBTC and Binance.
As always, USDT makes itself felt, and accounts for around 18% of the total volume, spread across multiple exchanges.
Ripple’s Daniel Aranda appeared at the CryptoCompare MJAC Blockchain Summit 2018 in London. The subject of conversation was not Ripple’s recent poor performance, but prognostications on the future of the company, ruminations on the Internet of Value, and of the blockchain world itself. Aranda commented on blockchain’s ability to help usher in the internet of value:
“We think that if the internet of today is tethered with packets of information and dtaa being sent around, the internet of value will have a similar kind of architecture, but what will be sent around is money.”
Aranda emphasized Ripple’s emergent value as a provider of cross-border payments, and noted:
“I think what you can expect from Ripple is more focus and traction around cross-border payments. If one of our early competitors is SWIFT, then what we offer has to be really good if we’re going to beat them. We think out traction is playing out, and network effects are starting to build around that.”
Featured image courtesy of Shutterstock.