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XRP performed less effectively than Bitcoin after the "alt season"

    Although the damage at XRP has risen against the USD (from $ 0.185 to $ 0.20) but compared to Bitcoin, it has fallen by 2.5% since January 1.

    Compared to BTC, XRP has dropped from 0.000027 BTC to 0.000262 in the past 69 days, then experienced a significant pullback since mid-February.

    Why does XRP perform poorly compared to Bitcoin after the “alt season”?

    In the first half of February, when major altcoins like ETH and BCH outperformed Bitcoin, XRP rose to $ 0.346.

    It has recorded an 80% increase from the annual opening as of February 15, representing the strongest recovery since May 2019.

    However, when the price of Bitcoin declined the $ 10,500 resistance, the entire altcoin market fell to a low support.

    In less than two weeks since XRP reached an annual high, it has fallen by more than 35% against the USD.

    Faded performance of XRP during the past three weeks may be more technical than basic.

    Since the last quarter of 2019, Ripple's XRP sales have dropped significantly. Ripple's XRP sales are down 78% report Q4 2019 from Ripple, showing that the market is less under pressure to sell XRP.

    In January 2020, Ripple said:

    "Ripple continues to halt planned sales, focusing only on OTC sales with a few strategic partners who are building gadgets and XRP liquidity in strategic areas including EMEA and Asia. Total sales (OTC only, paused according to the plan) ended the quarter at 8bps of CCTT, compared to the total sales in the previous quarter of 36bps of CCTT, equivalent to QoQ down 78%. "

    Moneygram is attempting to use XRP more actively to handle remittance payments in Mexico and expand the XRP ecosystem in Asia, arguably the fundamentals have intensified since 2019.

    As such, the slowdown in Ripple's XRP and USD price trend is down 35% in just 11 days mainly due to the major change of cryptocurrency market sentiment.

    The altcoin market is gradually losing its form

    According to data from CoinMarketCap, Bitcoin's dominance index has started to rise again (63.9%) after falling to a low of 62% in mid-February.

    XRP works more than BTC 3

    Source: Coinmarketcap

    Decline on major altcoins, as seen in Ethereum's 13% drop overnight, indicates that investors are turning to Bitcoin, stablecoins and fiat as the uncertainty in the cryptocurrency market increases. .

    Thuy Ngan

    According to U.today

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