There has been a lot of news emerging from Ripple, the company backing the third-largest crypto asset by market cap, XRP.
However, the news has not been enough to spike XRP’s price over the past 30 days into new heights that have been much-expected by the crypto community. Nonetheless, many are still confident that a change in performance cooking this long may turn out better than we’d hoped.
As at press time, XRP is priced at $0.305, a 2.18% increment in price within the past 24 hours. On the contrary, a comparison between today’s price and that of its high on July 12, 2019 (precisely 30 days ago) shows that XRP has devalued by 12.61%.
Also, a closer look at the charts reveals how XRP struggled to maintain its stance and be priced above the $0.29 zone within the past 30 days. For instance, XRP’s low was $0.29 for only two days (between July 15 to July 17, 2019) since July 12, 2019. Nonetheless, after 23 days of being priced above $0.29, it declined again to the zone on August 9, 2019.
These price swings have also contributed to the decline in the crypto asset’s market capitalization. A month ago, XRP’s market cap sat at about $14.6 billion and $16 billion in early July but declined to $12.7 billion on August 9, 2019. It is, however, worthy to note that its market cap has today resurfaced to $13 billion.
Another Buying Opportunity?
On the other hand, how is the crypto community taking this price decline? Many users on crypto twitter believe the most recent pullback in XRP’s price is another opportunity for the uninitiated to buy-in.
Like them, others are comparing it to a time when Bitcoin was only $1 and today; many wish they’d paid close attention to accumulate the asset given its about $11,400 value.
In the same vein, the majority believe that the use case is more critical and not where the asset is priced today or how far stretched XRP’s downtrend is. The latter was also attributed to the recent partnerships that Ripple, the blockchain company has been in which could potentially see XRP spike.
These sentiments have been ongoing with expectations that Bloomberg’s report of Mastercard’s agreement to buy Nets, a Danish payments platform may do a lot of good for XRP.
While Ripple and Mastercard do not have a direct connection, both companies in March 2019 were some of the investors in SendFriend, a global remittance service. Now, Mastercard’s acquisition of an instant-payment and clearing services is also a signal that real-time payments are in trend.