XRP Looking to End 2019 in a Depressive Note, Bitcoin in Better Position?
XRP was one of the top performers in 2017, but the question now is whether it can do that again? Analysts are mixed concerning their opinions on this question, given the generally negative performance of XRP in 2019, in terms of prices and even in its auditing potential. Will 2019 end in a depressing note?
Can XRP Perform at 2017 Levels Once More?
Will XRP be a top performer like it was in 2017? There is a current debate about this underway.
The discussion, however, started almost of the blue. It began when someone with the Twitter handle @CredibleCrypto, shared a chart from the CoinMarketCap showing comparisons of the best cryptocurrencies from 2017.
Even though it was the main topic, it was noticeable that XRP demonstrated a 36.018% growth during that year. The growth rate was too high to ignore, prompting the Twitter user to say that XRP performed the best in the space during that period.
While it was a reasonable assumption to make out of the growth rate, it was not long before any detractors started to refute that claim. Naturally, supporters also came forward to lend their opinions. Credible Crypto held to its stance, prompting it to comment that if one had invested in XRP over Bitcoin on that year, they would still be up three times based on USD terms.
Letting all the debacle go, what is more crucial to know at present is whether XRP could see similar types of gains. If not, can it, at least, outperform other popular cryptocurrencies?
Some, however, said all these talks about XRP’s performance was just out of habit. It was too popular to hate on the currency using social media and sparking debates, is all.
Some could not accept Ripple and XRP’s performance in 2017 and claimed Ripple always depend on hype. They described XRP as a pump and dump asset, which can be best performances for short periods but never sustain it. The commenter doubted that it could pull the same thing off.
Others are more tempered down on their assumptions about the XRP’s performance, claiming that it will not be the cryptocurrency’s fault if it does not perform on the same level. Instead, it would be the market conditions that would make it quite possible to return to 2017 levels.
XRP Price Falling Because of Moneygram’s Announcement
While posing record highs just recently in liquidity and being mentioned in US government documents – which are significant wins for XRP, the sudden turn of events just show how difficult is it is for XRP to return to its 2017 performance.
XRP prices are falling these days continuously, and the CEO of crypto hedge Bitbull Capital claimed that this trend is likely to continue. This is likely after all the recent revelations of one of Ripple’s most prominent partnerships.
The first of these revelations is that Moneygram does not hold XRP. It’s going to be surprising to many because MoneyGram is one of the most known users of Ripple’s remittance platform On-Demand Liquidity, utilizing XRP as the bridge currency. However, MoneyGram released a statement that it has no plans to hold XRP. This is a huge blow, aggravating XRP’s already weaker position before the statement was made.
There was hope before the announcement that soon Ripple and Moneygram would have a closer relationship. The hope was dashed.
XRP is in the green on Wednesday, similar to the rest of the crypto market.
Is Bitcoin Doing Significantly Better?
Bitcoin’s price is also experiencing downward pressure.
But unlike XRP, Bitcoin was able to do something about it.
It’s a bullish response to its sudden drop to shocking lows of $6,400 that has led to the cryptocurrency sustaining a significant amount of bullish moment.
It allowed BTC to raise its share prices to $7,000. What is needed right now is for the level to be sustained in the near-term.
But XRP Is Now Listed with CEX.IP
Of course, this sudden negative curve for Ripple does not mean it will not be able to recover or even perform well in the near future. One positive development that took place just today, December 19, is the crypto exchange company CEX.IP listing Ripple for its US market.
With this listing, US residents can now have access to Ripple’s services through CEX.IO. This means accessing Ripple for deposits, withdrawals, trading, and even simple purchases utilizing XRP for USD.
This can be done through Visa or Mastercard.
The CEX.IO Team released a statement of this action. According to the team, it is glad to be opening new trading opportunities for their US clientele. The company already has 20 money transmitter licenses as of now and can already operate across 37 states. The goal is to obtain more licenses in all states so that everyone in the US can access the entire range of the company’s services.
XRP had a Rough 2019, Even with Notable Developments
If one has observed XRP the whole year, it indeed had it quite bad. Prices have been slipping throughout the year, and some prominent traders believe that the drops can reach even all-time lows before the year ends — as low as $0.03.
In addition, XRP has also been criticized recently. Alongside EOS and Binance, all three’s chain nodes are described as too impractical to run.
CoinMetrics recently performed new research on how easy or difficult it is starting a node from scratch on multiple networks. Most networks proved too slow. Most require significant disk space. Based on this information, CoinMetrics rated blockchains according to their audit potential. XRP is one of those that are given a harsh verdict.
Ripple’s XRP allegedly needed vast memory resources to store the complete digital ledger. The Ripple Network DLT and all XRP, and other asset transactions, cannot be stored unless the users have tens of terabytes in space. Given that, banks might be able to do so, but individual auditors will not be.
It remains to be seen how this new research can affect XRP.
XRP Army is reportedly not losing faith, though. Moreover, even with the price drops, there is no denying now that it is a significant player in the cryptocurrency market.