• XRP was the most underperforming large-cap crypto over the last month.
• Addresses belonging to whale cohorts decreased steadily since the start of the year.

The broader market rally spurred a 5.42% increase in the price of Ripple [XRP] over the last 24 hours, reigniting hopes of a bounce above the stubborn $0.57 level.

As of this writing, the sixth-largest cryptocurrency was exchanging hands at $0.56, with previous attempts by bulls to breach the aforementioned barrier proving to be unsuccessful.

While time will tell whether the altcoin succeeds, the recent price action doesn’t evoke much optimism.

XRP disappoints investors

According to AMBCrypto’s scrutiny of market data from CoinMarketCap, XRP was the most underperforming large-cap crypto over the last month, with total gains of just over 4%.

In contrast, market barometers like Bitcoin [BTC] and Ethereum [ETH], along with leading alts Solana [SOL] and Binance Coin [BNB], recorded increases to the top of 20% at the same time.

XRP’s dwindling influence was also highlighted by crypto analyst Benjamin Cowen.

He noted how the payments-focused crypto’s dominance in the market dropped from over 31% in 2017 to just 1.48% as of February 2024.

Indeed, XRP lost nearly three-quarters of its market valuation since hitting a peak in January 2018.

The Go to Source to See Full Article
Author: Aniket Verma

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