Ripple’s XRP continues to struggle to stay above $0.40, a key support position for the altcoin. Recent movements from Bitcoin and Ethereum, the only two larger cryptocurrencies by market cap, would suggest that the asset is having a prosperous year. But this has not been the case.
Its year’s Return On Invest remains at per with most cryptocurrencies of its caliber. In addition to being a major player in the crypto world, Ripple, the company behind XRP has recently announced that it has spent $500 million in XRP projects via Xpring. Ripple has spent this amount across 20 blockchain companies.
Recent Movement Majorly Sideways
However, top coins have continued to enjoy relative gains. This is especially evident looking at its closest rival by market cap, Ethereum. At the start of the year, the two were battling it out for the number 2 position in the ranking, with a mere difference of millions.
Fast forward less than a year and the tables have been turned. At the time of press, Ethereum has racked up over $33 billion in its total market cap while XRP has only climbed to $16 billion.
Litecoin, another close competitor, has surged by more than 350% and although much of this has to do with its upcoming halving, it’s still one of the many peer cryptocurrencies that have possessed far more gains than XRP.
Ripple Focused On Development Not Hype
Many Ripple enthusiasts and fans of XRP have seen recent developments as a sign of a more mature market. Traditionally, the market is known to react to an announcement of a partnership or collaboration.
Much of the hype comes from the team behind the project, creating buzz and seeing prices pumped. With Ripple and XRP, enthusiasts believe that the company is more focused on development, not hype. With technology and adoption at its height, price soaring is inevitable.