- XRP hits a new low of $0.4486, marking a 7% decline in 24 hours.
- Legal expert Bill Morgan sarcastically remarks that XRP’s consistent downtrend is no excuse for missing the market-wide price correction.
- XRP underperforms major cryptocurrencies, posting negative growth of 26% year-to-date.
XRP, the cryptocurrency known for its ties to Ripple, continues to face significant downward pressure alongside the broader crypto market. As of the latest data, XRP has hit a low of $0.4486, marking an approximately 7% decline from its high value over the past 24 hours.
This recent sharp drop adds to the cryptocurrency’s long-standing underwhelming performance, particularly this year. Australian pro-XRP legal expert Bill Morgan took to X (formerly Twitter) today to comment on the ongoing price decline.
Morgan sarcastically remarked that months of consistent downward movement in XRP’s price is no excuse to miss out on the market-wide price correction.
This sentiment highlights the frustration within the XRP community, which has seen the cryptocurrency fail to capitalize on market upswings. For example, despite the dip, Bitcoin and Ethereum are up 36.6% year-to-date. Binance Coin (BNB) has surged by 68%, while meme token Dogecoin (DOGE) is up 23% this year. Meanwhile, XRP has posted a negative growth of 26% since January.
Furthermore, market data from CoinCodex confirms XRP’s lackluster performance, showing that XRP has been outperformed by 77% of the top 100 crypto assets in the market over the past year.
In other words, among the top-ranking assets, XRP is one of the weakest performers. This is despite the persistent bullish sentiment surrounding the asset amid its utility in the payment market.
XRP Risk analysis by CoinCodex
XRP’s discouraging performance has led to widespread resentment in the crypto community, sparking fears that XRP could again cause investors to miss out on this bull season as in the 2021 cycle, where XRP failed to establish a new all-time high.
Some have attributed XRP’s performance to Ripple’s lawsuit, but attorney Morgan has repeatedly countered this perspective since XRP received clarity last year. Though it briefly surged to $0.93, the asset has fallen back to pre-victory levels.
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