XRP remains the worst performing major-cap token in 2020
- XRP's reputation as one of the worst performers among the largest cryptocurrencies continues in 2020.
- XRP got overtaken by LINK in terms of daily volume, and nearly overtaken by USDT in terms of market cap.
- XRP's bad performance is also not caused by the COVID-19 pandemic, as it performed this way long.
Ripple Labs achieved massive success when it comes to connecting and partnering up with banks around the world. However, its token did not see similar success. In fact, XRP remains the worst performer among the top 25 largest cryptocurrencies.
Ripple’s XRP continues to struggle
XRP’s 2019 was not particularly successful, and so far, it doesn’t seem like anything will change in 2020 either. With the end of the first quarter of the year, a crypto analytics firm, Messari, revealed rather unflattering XRP data.
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XRP’s price performance did not impress, and even its volume got overtaken by another altcoin, Chainlink (LINK). Not only that, but the volatility of the crypto industry also allowed Tether (USDT) to see major growth in volume and market cap. As such, USDT nearly took over as the third-largest cryptocurrency in mid-March.
Of course, it would be easy to blame the coronavirus pandemic for XRP’s bad performance. However, the fact is that the coin performed badly long before COVID-19 started spreading across the globe.
Even in 2019, XRP lost around 66% of its value against BTC. Its price dropped from $0.36 to $0.‚18 last year. Ripple also saw a lot of criticism for selling large quantities of its token, also before the pandemic emerged.
Ripple CEO, Brad Garlinghouse, claimed that Ripple would not be profitable without selling XRP. But even so, the sales seemingly decreased by quite a bit in 2020. In Q3 2019, the sales sat at around $66.24 million. In Q4, however, that amount dropped to only $13.08 million.
LINK on the rise
As mentioned earlier, another big development against XRP includes the Chainlink project. LINK managed to overtake XRP in terms of volume on April 13th. In fact, LINK saw such a surge in volume that it surpassed ETH, as well. It became the second-most traded coin in the crypto industry on this one day, with a daily volume of $130.5 million.
It managed to get ahead of XRP by as much as $77 million. XRP ended up in fourth place, while Ethereum sank to 2nd spot. In terms of market cap, LINK is currently the 11th largest cryptocurrency, but also one that acts as a rising star. It is also one of last year’s best performers, with its price going from $0.29 to $1.80.