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Home Cryptocurrency news Ripple

XRP Tanks Compared To Crypto Counterparts Bitcoin And Ethereum, But Why?

Tony Spilotro by Tony Spilotro
8 months ago
in Ripple, Bitcoin, Cryptocurrency news, Ethereum, Technical analysis
Reading Time: 3min read
XRP Tanks Compared To Crypto Counterparts Bitcoin And Ethereum, But Why?
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XRP spent the last several years as the worst performer in the cryptocurrency market. And even though the altcoin has been beaten and battered, it has recently sunk even lower compared to Bitcoin and Ethereum.

Why exactly is the altcoin commonly referred to as Ripple, so severely crippled and unable to gain positive momentum?

XRP Underperformance Against Bitcoin and Ethereum Reaches New Extremes

For two years running, XRP has been among the worst performers in the cryptocurrency space, alongside XLM.

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The previously third-ranked cryptocurrency reached an all-time high of over $3.50 per token following Bitcoin’s peak in 2017. But since then, it has fallen so hard that the stablecoin Tether has knocked it out of the third-ranked spot.

The altcoin remains over 94% down from its record set in early 2018 on the XRPUSD pair. On the XRPBTC pair, the asset is currently down 91%.

XRPUSD XRPBTC XRP

Ripple XRPBTC & XRPUSD Comparison | Source: TradingView

The cryptocurrency has reached extremely oversold conditions, yet any glimmer of a rally is immediately sold down. Even Ripple execs committing to cease selling themselves hasn’t had any positive impact on price action.

Related Reading | It’s Official: Tether Flippens Ripple After Recent Crypto Crash

Negative sentiment continues to build. It’s led the altcoin, now in fourth place in the top list of crypto asset by market cap, to underperform Bitcoin and Ethereum over the last 30 days. But what is causing the gross underperformance in Ripple, and the extreme deviation between it and other assets?

 xrp btc eth usd

Ripple Bitcoin Ethereum Comparison | Source: TradingView

Why Are Whales Accumulating The Crypto Market’s Worst Performer?

The altcoin known as Ripple over the last 30 days, has fallen nearly 14% according to data. During the same timeframe, Bitcoin dropped over 3%, and Ethereum, just over 4%.

The three long-time top crypto assets are typically tightly correlated. When one pumps, so do the others. Especially on USD trading pairs.

Then why exactly is XRP falling so sharply against BTC and ETH by comparison?

A large supply of the altcoin held by PlusToken scammers is said to have been mixed recently, and stealthy selling could be responsible for the continued drawdown. However, these scammers are said to have Ethereum and potentially more Bitcoin to sell as well.

Related Reading | Ripple Effect: Crypto Whales Buy Up A Sea of Small Fish Selling

Sentiment could simply be this bad in XRP holders, who have suffered far worse than most other altcoin bagholders.

Watching Tether “flippen” the asset, and Bitcoin and Ethereum surge could be causing mass capitulation amongst holders of the altcoin.

But while any capitulating small-time fish are selling off their XRP at extreme lows, the largest account holders – whales – are absorbing the selling.

Data shows that the largest under 1% of wallets are increasing their holdings, while smaller wallets dump theirs.

Even despite the ongoing downtrend in XRP, even reaching new depths, the reason why investors continue to hold out hope can be seen below.

xrpusd xrp

Ripple XRPUSD Weekly | Source: TradingView

Although the cryptocurrency has spent nearly three full years in an over 90% downtrend when it does breakout, it is unstoppable.

In less than a year, XRP rose over 50,000%. That’s not a typo, it’s one of the largest gains ever recorded in cryptocurrency history. If this happens again, anyone selling now at these lows are going to experience something far more painful than the downtrend has been.

Tags: altcoinbitcoincryptoethereumRipplexrpXRPBTCXRPUSDxrpusdt
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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