The cryptocurrency market is currently facing one of the worst drop in prices in recent memory. Since the all-time highs in late December and early this year, most cryptocurrencies have seen their prices plummet by over 70% so far this year. One of the brightest stars in 2017, Ripple (XRP), has seen its price so far drop by 91.5% since the digital asset hit an all-time high of $4 USD in January. This huge drop should be a concern to investors even as the coin holds on to its third position on the Coinmarketcap listings.
As Ripple Inc. continues to experience an influx of big money investors into its technologies, XRP is failing and this recent break of the support level should worry investors. The close relationship between Ripple Inc. and XRP seems to be negatively correlated with the market influence being a huge variable of consideration.
“Xpring is a new initiative by Ripple that will invest in, incubate, acquire and provide grants to companies and projects run by proven entrepreneurs. Every entrepreneur will use the digital asset XRP and the XRP Ledger, the open-sourced, decentralized technology behind XRP, to solve their customers’ problems in a transformative way.”
The year has been a nightmare so far for any XRP holders with the massive drop in price. Nevertheless, not all is lost in hope as the biggest holder is making partnerships with some of the biggest financial institutions and corporations around the world. Ripple owns slightly less than 60% of the maximum supply of XRP in the network and is also the major contributor to the XRP protocol ledger.
As the main factor and benefactor once XRP gains adoption across the global financial industry, Ripple’s success will be a main tipping point to see XRP succeed. The corporation has already made partnerships with over 100 banks to provide the xCurrent and xRapid features to reduce the transaction fees by over 40-70% while offering instant settlements.
As a major contributor to the XRP Ledger codebase and large holder of XRP, we often hear from entrepreneurs and developers that they’d like support in one form or another to help them with their XRP-related projects. As one of the few blockchain companies with traction for a non-speculative use case, we feel we’re uniquely positioned to support entrepreneurs in a meaningful way.
Ripple is working on a project that has skipped the tabs of quite a few of its investors, Xpring that is focused on the entrepreneurs and startups that want to grow with XRP and Ripple technologies.
The key facts under XRP’s poor performance in 2018
The coin started the year on a strong bullish trend as it hit an all-time high of $4.14 USD on some exchanges. This has since translated to over 91% loss over the course of 2018. Ripple (XRP) is currently trading at its lowest point since December at $0.353717 USD, representing a total of 13.45% drop in the last 24 hours. The Xpring project may come as a shining light to global adoption of the digital asset in the future with the increase in startups.