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A notable market analyst has drawn a parallel between XRP and Bitcoin during its early days of underperformance, reminding that BTC holders were once ridiculed when it traded under $1.
XRP continues to disappoint in price action despite the optimism surrounding its potential. Today, XRP dipped by 7%, revisiting a low of $0.558, down significantly from the $0.60 level.
XRP’s latest dip results from Bitcoin correcting recent gains, having briefly surged to $65K a few days ago. At the time of writing, XRP stabilized at around $0.571, marking a 6% decline month-to-date.
XRP Underperformance
Notably, XRP has remained within the $0.50 to $0.70 range over the past year and has occasionally dipped below. During this period, close competitors like BNB and Bitcoin have surpassed their previous all-time highs, maintaining most of their yearly gains despite ongoing consolidations.
For instance, BNB is up by 70% year-to-date, similar to Bitcoin, which has preserved 38% of the gains accrued since January. In contrast, XRP has recorded a 7.4% dip YTD.
On a broader scale, data indicates that 72 of the largest market cap crypto assets are outperforming XRP, worsening from 61% in the first quarter of the year.
This lackluster performance persists despite positive developments surrounding XRP since last year. Ripple’s four-year lawsuit has concluded, but XRP’s price action has not reflected the significance of this development.
As XRP holders grow increasingly frustrated and impatient, pro-XRP market analysts have turned to Bitcoin’s historical performance to instill hope among holders amid the current anxiety.
XRP is Like Bitcoin Under $1
In a recent post on X, the market analyst behind the MOLT MEDIA channel urged XRP investors to remember that Bitcoin holders were once mocked when it traded under $1. Notably, XRP has been trading below $1 for over three years.
The analyst’s perspective highlights that, in Bitcoin’s early days, skepticism about its future was widespread, with many viewing it as worthless. This skepticism is evident from the infamous instance where a software engineer used 10,000 BTC to buy two pizzas some 14 years ago.
However, today, Bitcoin has grown exponentially in value, trading at around $60K, with institutional investors vying to secure a substantial share.
XRP proponents believe a similar trajectory could be in store for XRP. They argue that XRP is in an even better position, given its utility in the global payment market, which is valued at several trillion dollars.
Prominent XRP community figure Mr. Huber also echoed a comparable sentiment in a recent disclosure. He noted that Bitcoin investors waited 15 years to reach its current price, urging XRP investors to be similarly patient. It is worth noting that XRP has been in the market for nearly as long as Bitcoin, having launched in 2012, 12 years ago.