The value of Ripple-backed cryptocurrency XRP has plummeted by 70 percent against Bitcoin since 2017, despite the recent surge in the crypto market. Peter Brandt, an experienced trader, predicts that XRP will continue to decline in value compared to Bitcoin and will likely be overshadowed by other alternative coins. XRP is considered an underperforming altcoin among the top 20 digital assets by market capitalization. It has been referred to as a “zombie altcoin” due to its lackluster performance. Over the past five years, XRP has only seen a 63 percent increase in price, while Bitcoin has experienced a more than 1000 percent increase. Brandt believes that XRP will continue to experience downward pressure against Bitcoin in the coming months. He has faced some backlash from XRP supporters who argue that XRP outperformed other crypto assets in 2017. XRP has struggled in recent years, particularly due to ongoing legal battles and regulatory pressure. Binance, the leading cryptocurrency exchange, recently announced that it will no longer support XRP due to low demand and regulatory concerns. XRP’s price against the US dollar has found support at around 50 cents, but it must regain the weekly support level above 58 cents to avoid further decline. As of May 15, 2024, XRP’s price has dropped by 2.3 percent in the last four weeks and is trading at around 50 cents.
