While Tezos (XTZ) became the best-performing coin among the top 100 by market capitalization yesterday, still being among the top five in that category, Ripple (XRP) found itself among the worst performing major coins today.
Though the week was quite busy for Ripple, the recent news doesn't seem to have had a positive influence on the price of the 3rd cryptocurrency by market capitalization. Looking only at the top 10 coins, Ripple is one of only three coins that dropped in the past seven days, and it's drop is the largest by far. At UTC 9:10, while Bitcoin (BTC) fell 0.67% and Bitcoin SV (BSV) 0.03%, XRP saw a 4.41% drop. It also took this unenviable lead in the 24-hour period with -6.33%.
XRP price chart:
Among the coins that have dropped in the top 100 category, XRP currently sits in the 12th place in the seven-day time frame, and in the 4th place in the last 24 hours. As a matter of fact, while November 7th saw the highest price in the last 30 days of USD 0.31, it fell 6.88% the same day. It recovered slightly since and continued to fall to its current price of USD 0.27.
So what has Ripple been up to lately? We’ve reported on a number of announcements and moves Ripple made recently – in October and early November alone. It has seen its client base grow 50% in a year, and 7% of those use XRP for cross-border liquidity. Recent study showed that, while Ripple has led the market since 2012, the competition between them, Visa and IBM is heating up when it comes to blockchain innovation in cross-border payments. Furthermore, Ripple’s outspoken CEO, Brad Garlinghouse, is often giving interviews promoting the blockchain startup and its services based on XRP. In an interview just a few days ago, he said that there are too many cryptos, that the market will continue to be volatile, but also that a bull is coming for the entire market.
Prior to this, Ripple rebranded their website and also released a sequel to their popular crypto ad as a part of a new brand awareness campaign. It even saw Japanese financial giant SBI Holdings praising XRP, and the company found that, when it comes to cross-border transactions, XRP is one tenth as volatile as fiat – a point mentioned by the CEO in the interview as well. Meanwhile, they’ve warned people of the recent fraudulent attempts, but have otherwise been focused on their Swell conference in Singapore as well, being a host to a number of speakers, including MoneyGram CEO Alex Holmes, Ambassador Chan Heng, and Cheeand Raghuram Rajan, former Governor of the Reserve Bank of India.
Reactions to the drop are various: while some people online maintain a positive attitude and support of XRP, others seem to tie the fall in price to Swell, though it’s likely impossible to verify if that’s the cause.
#XRP / #BTC :⚡️I hope you're all ready for what is coming...⚠️Breakout's approaching...⏱️Tic tac... pic.twitter.com/NYE8duurOo— Akwa Flow XRP (@FlowAkwa) 7 November 2019
I gotta say, if you are crying about a 5 cent drop in #xrp, how the hell you gonna act when it drops $50 in an hour or $400 in a day??? Lol alot of you might not be built for this...Do you not understand what you signed up for?? pic.twitter.com/zrGUDACFX8— The_real_block_x (@block_real) 8 November 2019
$XRP dumps 12% during their #swell conference.Cool. pic.twitter.com/VBxdLs0FfZ— Nick Cote (@mBTCPizpie) 7 November 2019
The sell-off of #xrp after Swell shows the low level of intelligence of many investors. The Swell event was extremely positive showcasing evidence of ecosystem, transactional, currency corridor progress.Newsflash! Changing the world doesn't happen in an instant!!#xrpcommunity— EggsRP (@eggs_rp) 7 November 2019
What compels people to post things like. “Just sold my stack of XRP”. Do you think ripple seen your tweet and is having some sort of meeting to try and get you back? Like stfu you attention seeking morons #xrp— XRP_Gonzo (@GonzoXrp) 7 November 2019