Every member of the cryptocurrency community knows that XRP is the worst performing altcoin in the top ten list on CoinMarketCap. Since the token reached its all-time high at $3.84 in 2018, it has been on a steady decline losing more than 95% of its total peak value.
Even when the rest of the market enjoys bull rallies, XRP crawls and gains only a few months. Major price surges of the token have been unsustainable. At the time of writing, the price of the XRP token was $0.195620. It is up by 1.62% against the USD and up by 0.96% against Bitcoin BTC. The trading volume over a 24 hour period is $878,132,716 and the market capitalization is $8,657,702,937.
The main reason members of the XRP community believe the token is undervalued is that the parent company, Ripple, has made significant progress in terms of advancements. Ripple’s aim has always been to revolutionize the global financial system by providing fast, secure, and reliable cross-border payment methods.
So far, Ripple has come up with many projects that bring it closer to accomplishing its goal. Even the RippleNet network has successfully gotten over 300 financial institutions to use Ripple’s products. Despite this success, the XRP token hasn’t made any significant price progress.
Ripple and XRP are two separate entities. So, the success or failure of Ripple as a blockchain-based firm doesn’t affect the success or failure of the XRP token. Also, the Ripple products that involve the use of the XRP token aren’t as popular as the ones that aren’t XRP-based. So, there is a consistent decline in the demand for XRP tokens. The only way Ripple’s success will affect the price of the token is if the demand for XRP-based products surges near-term.
- Cryptocurrency Community Takes a Vote, Claims XRP is Undervalued at Current Price
- XRP Keeps Declining Steadily Against the USD
- XRP Manages to Move to the $0.19500 Level but There is Key Resistance at $0.1200.
Ripple News Today – Yesterday, one member of the cryptocurrency community with the handle, fiatleak posted a poll of XRP, VET, LINK, and KNC. He asked the community to vote on which out of these four tokens is the most undervalued in the cryptocurrency space. The final results showed that 77.5% out of the 3949 people who voted picked XRP. Another 12.8% picked VeChain VET, 6.7% picked LINK and 3% picked KNC. This leaves us with the question; is XRP undervalued?
