In the past few years, the crypto market has shown that it is full of surprises, hope, and the looming certainty of uncertainty. The market’s volatility can flip sides and either make you a millionaire or a pauper within hours.
Sometimes, the crypto market can be a bit tricky. The low probability of knowing the perfect spot to hit in the market at any given time makes it scary. But, many of the new investors are trying to avoid the major tokens. They are investing in the lesser-known currencies that have strong foundations to make them reap profits when they start performing on the crypto market.
That was the same notion that XRP holders had when they dived into the token some years back. They hoped the virtual currency would repay them in many folds just like Bitcoin did to its early investors. That relationship has proven to be bitter-sweet with many investors wondering whether the token is still worth an investment risk.
XRP took off on a bright note displaying massive potential of rising to the top group with intrinsic value to the cryptocurrency marketplace. Most investors fell for its self-endorsement and they decided to invest in it. The token never disappointed as it climbed up to the top of the crypto ladder.
Although XRP was picking up pace, the investors and commentators kept waiting for the ‘magic moment’ when it would reveal its true capabilities to the world. That moment came at the start of 2018 when XRP exploded and surged by over 1,000% within a month. It also registered an all-time high price of $3.84 during that period.
Analysts believed the recent announcements and sustained momentum at the time acted as the primary factors that caused the token to surge. Ripple also has so much in stock at the time and its future seemed bright.
Come to the present and it looks like the XRP token is stuck in the darkness showing a pale version of its past. Investors hoped 2019 would be better after the persistent bearish market trend of 2018. So far, the token has nothing promising to show. It even tumbled to $0.29 in the past week registering a new swing low.
For most of this year, XRP has encountered bearish trends and although it managed to recover to $0.32, its resistance level for most of the month, more doubts keep emerging about its projected growth.
Moreover, the rate at which Ripple is attracting institutional investors and still failing to soar is what makes its notion of being a ‘flop’ stronger. Within a few months, Ripple opened a new office in Zurich. Also, banking giants have tried to set up a ‘Ripple Killer’ while SBI Holdings wants to activate in-store payments with XRP token.
American Express confirmed its use of Ripple’s xCurrent. All these factors were expected to cause the token to surge. Now experts and investors alike think that XRP may have lost its original mojo. Thus, trying to make some profits from investing in it can be highly costly.