u.today
$XRP, one of the most popular altcoins, is in the red on every single timeframe, according to recent data provided by CoinGecko.
It is down 3.1% over the past 24 hours, 7.1% over the past week, nearly 19% over the past month, and nearly 12.5% on a year-to-date basis.
Such underperformance is quite stunning considering that $XRP was supposed to benefit from significant ETF hype.
As reported by U.Today, $XRP ETFs have already surpassed a total of $1 billion in net assets. Meanwhile, more spot-based products from issuers of the likes of Canary Capital are on track to be launched in the near future.
Falling below $BNB
$BNB, the native token of the $BNB Chain ecosystem, also narrowly overtook $XRP in market capitalization earlier today.
However, $XRP is now back in fourth place at press time, according to the most recent CoinGecko data.
Collapsing fees
There has been an 89% decline in $XRP's daily transaction fees to 650 $XRP (90-day SMA), the lowest since December 2020.
The "total fees paid" metric serves as a proxy for overall network activity and utility. High fees indicate bustling usage. On the other hand, low fees could signal waning demand.