The past one week has been largely punctuated by a notable surge in the general crypto trend, with many cryptocurrencies recording significant percentages in price increase.
Binance Coin and Litecoin have been the biggest beneficiaries so far. BNB has posted quite a huge percentage surge in price as well as market cap. In effect, the coin broke into the top 10 largest cryptos in the market. Litecoin comes second to Binance Coin in terms of price gain.
What About XRP?
However, despite most of other top cryptos posting impressive gains, Ripple’s XRP seems to have been sitting on the fence between bulls and bears. Although the crypto has at times scored gains of 1-2% or thereabout in recent days, its price trend doesn’t quite rhyme what’s generally happening across the market.
The fact that XRP as a top crypto hasn’t kept up with the general pace may be a little upsetting to many, although the situation doesn’t necessarily create much of an alarm to confident long-term investors. However, it’s still strange, considering that Ripple, the company that created XRP, has been in the news for good reasons.
First, there was the announcement that Ripple’s platform would soon start facilitating dApp developers, and now there are reports that the European Parliament is beginning to buy into Ripple’s idea of fast and cost-effective cross-border transactions.
Normally, such news would affect a crypto’s price upwards, especially when its adoption or user base is affected positively. Ripple plans to convince banks and other financial institutions to use XRP as a base currency in their cross-border transactions, and that increases XRP adoption.
Judging from that fact and seeing that XRP’s price hasn’t been affected much, it’s safe to opine that XRP has been underperforming. In that sense, it’s pretty certain that the crypto’s real market standing could actually be undervalued.