XRP investors have been very disappointed in the asset and even though it’s still the third-largest cryptocurrency in the market with a market valuation above $11 billion, it also is one of the altcoins that have struggled more than any others since the year began. XRP is currently trading at $0.2567, still very close to its lowest point of 2019.
Investors and analysts alike think that the quandary with XRP has been the fact that Ripple controls too much of it. Not only does the company control uncomfortable amounts, but Ripple has also been ‘dumping’ significant amounts of XRP into the market pretty much every quarter.
Recently, Ripple CEO Brad Garlinghouse explained that the sales are part of a deliberate plan to improve adoption of XRP. However, investors are not buying this and some have already given Ripple an ultimatum, the expiration of which will force said investors to push for a hard fork.
Apart from XRP, another coin that has had a disappointing year is Tron (TRX). According to a Tweet from crypto trader Bitdealer (@Bitdealer_), both TRX and XRP are the worst-performing cryptocurrencies of the year and have been pretty much in a consistent drop throughout 2019.
In contrast, Bit Dealer also disclosed that apart from Bitcoin, the only other virtual currency that has gained higher than 100% is Litecoin (LTC). `
What Does the Near Future Hold?
Just as not everyone is sure of a bullish near future for Bitcoin, not everyone is sure of a bearish near future for XRP. There are some who believe that the current level where the asset is should be described as a strong enough support level, suggesting that it should only go higher.
Generally, it might be difficult to have strong bullish sentiments for XRP especially considering everything currently going on in the Ripple camp. The company has not said it will discontinue its humongous sales, the previous ultimatum given by frustrated investors has not elapsed and the price is also still struggling.
So, it could make sense to think that XRP is medium-term bearish. Regardless, even if a bull market is to occur, it most likely will not be rapid.
