Top Altcoins Are All Up So Far This Year, Except XRPBy Andy Hao
XRP investors haven’t seen much to cheer about so far in 2019. For most of the year, XRP remained in a range of roughly $0.30 - $0.50 per coin — already a far cry from the highs of over $3.00 in 2017. Then, earlier this month, XRP broke its $0.30 support level, falling to new 2019 lows.
It is trading at roughly $0.26 per token as of this writing. It has now been below $0.30 for nearly ten straight days. The crossing of that $0.30 line seems significant given XRP’s recent history. Since crypto prices took off in late 2017, the token’s price has only dipped below $0.30 on a few occasions, and it has generally only stayed down for a few days at a time.
This latest drop reflects a trend that we’ve been seeing throughout the summer 2019: a growing investor preference for Bitcoin above pretty much everything else. Since April, Bitcoin dominance has been steadily rising — from roughly 50% to almost 70% today. And of course, a good deal of the money that’s flowing into Bitcoin is likely coming from altcoins like XRP as investors move their funds to build more Bitcoin-centric portfolios.
Perhaps the best way to illustrate this flow of funds is to examine the XRP-BTC exchange rate. 1 XRP token is now worth roughly 2,627 satoshis, a low not seen for XRP since December 2017.
In fact, shortly after Ripple’s explosive growth in December 2017, one XRP token was trading for over 25,000 satoshis. That means XRP has seen a 90% drop in BTC terms and a 95% drop in USD terms since breaking all-time highs 20 months ago.
In both BTC terms and USD terms, XRP is down significantly this year. That’s concerning, because while most other altcoins are down in Bitcoin terms due to Bitcoin’s growing market dominance, many of them have still followed its upward price trend against the USD.
Ethereum, Bitcoin Cash, Litecoin, EOS, Bitcoin SV, Monero — almost all of the major altcoins are down in BTC terms but up in terms of USD prices. According to CoinMarketCap as of this writing, XRP is the only top-ten altcoin that’s down by both metrics.
It does have some company outside of the top ten — Stellar and TRON are major altcoins that are also down in USD so far this year, for example. But that won’t be much consolation to XRP investors, particularly given that the company has generated some high-profile headlines this year and come away with little to show for it in terms of the token price.
The partnership with MoneyGram, for example, drove XRP’s price from around $0.40 to nearly $0.50, but barely a week later, it had sunk back to its pre-partnership levels. And it kept dropping.
Often in crypto markets, a rising Bitcoin price is like a rising tide that lifts all boats. But as Bitcoin’s tide rises and altcoins follow (at least in USD terms), XRP is still sinking.