Riding The Ripple: XRP Stellar 1-Year Performance Leaves Banks In The Dust

Christian Encila

1 year ago

3 mins read

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XRP holders are facing mixed signals. While the digital asset boasts nearly 20% in gains over the past year, significantly outperforming traditional savings accounts, its recent performance pales in comparison to other cryptocurrencies.

After a substantial decline, the altcoin’s price has now entered a phase of sideways consolidation, making market players unsure of its future course. It appears like the cryptocurrency will likely stay stuck in a narrow range until there is a breakout in either way.

XRP: Beating Savings Accounts

Despite the seemingly negative vibe, a recent report highlighted the coin’s resilience. Specifically, it underscored its advantage over stagnant savings accounts.

XRP hit a low of $0.42 in March 2023 and surged to $0.93 in July, fueled by optimism surrounding the Ripple vs. SEC lawsuit. The coin then saw a rise of 1.30% on Sunday. After losing 1.35% on Saturday, the altcoin gained 0.41% at the end of the week to close at $0.6299. Today, it sits at $0.61, reflecting a 20% year-over-year increase.

This dwarfs the returns offered by most savings accounts. A Business Insider report pegs the average Annual Percentage Yield (APY) for US savings accounts between 0.01% and 0.25%. Even high-yield online banks rarely surpass 5.30% APY.

XRP is up over 6% within a single year, it has outperformed every savings account of every bank in the world and yet you people are still crying about it. pic.twitter.com/GGxVPJfudU

— Mr. Huber🔥🦅🔥 (@Leerzeit) March 29, 2024

“Mr. Huber,” a prominent crypto community investigator, emphasizes this point. To paraphrase his views, he said while XRP might not be setting the crypto world on fire right now, it’s definitely a better option than letting your money languish in a savings account.

However, discontent simmers within the community. Over the past three months, XRP has seen a meager 1% growth, while rivals like Bitcoin and Ethereum have skyrocketed by over 50%. This lackluster performance compared to its peers is causing frustration among holders.

XRP market cap currently at $33.6 billion. Chart: TradingView.com

The future trajectory of XRP hinges on multiple factors. The ongoing Ripple vs. SEC lawsuit, which centers around whether XRP is a security, is a significant cloud hanging over the coin’s price. A favorable outcome could reignite investor confidence and propel XRP upwards.

Diverse Perspectives And Pressure In The Crypto Market

Another factor is the broader cryptocurrency market. If the current bull run continues and other top coins maintain their momentum, XRP might face additional pressure to catch up.

Analysts remain divided on XRP’s short-term prospects. Some believe the current stagnation is a buying opportunity before a potential price surge. Others urge caution, citing the ongoing lawsuit and the unpredictable nature of the cryptocurrency market.

The diverse perspectives surrounding XRP showcase the exciting array of options available to investors. With XRP presenting a compelling alternative to conventional savings methods, its unique features shine through.

Despite recent fluctuations in its performance compared to other digital assets, this opens up opportunities for thoughtful consideration and strategic investment. Ultimately, the choice to embrace XRP hinges on aligning with one’s personal risk appetite and long-term investment objectives, empowering individuals to make informed decisions tailored to their financial aspirations.

Featured image from Karolina Grabowska/Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.