XRP’s poor performance continues as LINK overtakes in daily volume

Ripple’s XRP had a very rough 2019 as its value continued to drop further and further. This year so far has also not been good for Ripple’s XRP. Crypto analytics firm Messari revealed that XRP was the worst-performing crypto asset in the top 25 coins by market cap in the first quarter of this year. XRP also came close to losing its No.3 spot in the top 10 to Tether during the flash crash in mid-March.

XRP lost 66% of its value against Bitcoin in 2019.

Ripple’s XRP lost 66% of its value against the leading cryptocurrency bitcoin as its value halved in price, from $0.36 to $0.18. Even before the coronavirus pandemic impacted the crypto market, Ripple had been under fire for selling off large amounts of XRP. Ripple CEO Brad Garlinghouse had earlier said that Ripple would not be profitable or cash flow positive without selling off XRP. The total XRP sales in the last quarter of 2019 decreased quite significantly to $13.08 million, from the $66.24 million in the second last quarter of 2019.

LINK overtakes XRP in daily volumes.

On April 13, XRP was overtaken in daily volume by LINK, which is an up and coming crypto asset from decentralized oracle project Chainlink. Messari founder Ryan Selkis tweeted that LINK surpassed XRP and Ethereum to become second in overall trading volume that day with $130,535,603 in volume and well ahead of the $77,029,141 in XRP volume. Currently, LINK is ranked as the 11th cryptocurrency by market cap and was named one of the best-performing coins in the last as it grew exponentially from $0.29 to $1.80.

The poor performance of XRP might be linked to the long-running class-action lawsuit against the company for allegedly violating the Securities Act through a 2013 initial coin offering of XRP. Ripple CEO has also been accused of touting XRP to prospective investors, while silently liquidating his holdings.