Bitcoin (BTC), the number one cryptocurrency by market cap has been on a pretty good ride since the beginning of April in 2019. It has surged since then and in the early hours of Thursday, May 9, hit a 5-month high of $6,000 since November 2018 when the price crashed below the key $6,000 price following the 2017 bull market. As usual, Bitcoin was coming up together with altcoins but things have been a bit different for XRP, even up to the last 24 hours.
XRP lags behind
Based on information from Coin Market Cap, Bitcoin is currently in the green with a price gain of 2.97% in the last 24 hours. Ethereum (ETH) is also in the green with a marginal gain of 0.23% in the last 24 hours and a price of $170. Ethereum had on 7 May come very close to the year the high price of $180 reached in April, reaching over $179 that day before dipping to the current $170 price at the time of writing.
XRP, the third largest cryptocurrency, however, hasn’t been so lucky since the year began. It has been on an almost consistent decline from its 2019 opening price of $0.35 in January until early April when the market started the general recovery, reaching up to $0.36. It has since gone down to $0.3, a level it lost during the Tether-Bitfinex fiasco despite efforts to maintain. The recovery from the Tether crash also brought it back up again to the delicate $0.3 but has dropped to $0.29 again despite Bitcoin surging above $6,000, a key resistance earlier today.
Is there hope?
Several analysts had earlier said the $0.3 price is a critical level for XRP that could determine whether it survives he Tether crash or not. The eventual recovery of this price was a relief but with the new dip, things appear to be sour again. Even more disturbing is the fact that Bitcoin is still growing and leaving XRP behind. This is not surprising though as it was said that most altcoins are destined to fail but a significant Bitcoin dip could save some. Could XRP be one of those marked for destruction on account of Bitcoin’s growth?
The asset is now trading at $0.29 even though it climbed to the critical $0.30 earlier. Is there hope that XRP will eventually taste its 2019 opening price even if it does not see any significant rise in the Bitcoin-driven market recovery? Only time will tell eventually.
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A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu