Because 2019 has been a good year for the crypto market, many people agree that last year’s crypto winter which extended into the year is now over. Even though there are some who still think it isn’t exactly over yet, the general consensus is that the market is in a much better place right now than it used to be. Pretty much every crypto asset has done considerably well in the last few weeks. However, one asset that seems to be struggling is Ripple’s XRP.
By market cap, XRP is the third largest cryptocurrency in the world. But regardless of its current status, something might be wrong. What exactly could be wrong with XRP?
Possible Theories on the XRP Problem
One theory to be considered as to why XRP isn’t shooting up like its counterparts is that the coin just might be experiencing more competition than ever seen before. There are stories which indicate that some investors for one reason or another, are starting to consider all the cryptocurrencies that can do the same thing XRP does and maybe even do it better.
A very good example is Stellar Lumens (XLM). Whether or not XLM is actually better than XRP hasn’t exactly been decided but it’s important to note that XLM has been performing a lot better for the last few months.
Another interesting theory is that maybe there’s nothing wrong with XRP. It’s possible that the coin just needs time to break out of the rut that it’s currently experiencing. There has been a resistance line that XRP has found difficult to break. However, if history is anything to go by, we know that it’s impossible for the coin to stay below the resistance line forever. A little more time and we can find out for sure.
Is there a light at the end of the tunnel?
All the moves being made by Ripple give its coin an optimistic outlook. for example, ripple has consistently been collaborating with many companies all over the world to not only advance cryptocurrency adoption in general but also to advance XRP’s application.
Ripple’s xRapid has been growing impressively with the firm successfully partnering with quite a few financial institutions all over the world. xRapid easily solves the problem of cross-border payments being faced by much international business and now, Ripple has more than 200 partners who currently use XRP to solve this problem.
With all of Ripple’s financial solutions, expecting significant growth in XRP’s value isn’t far-fetched. However, until such growth is actually experienced, a little patience is required.
