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XRP’s Short-Term Gain Overshadowed by Long-Term Struggles Against Bitcoin and Ethereum

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XRP’s Short-Term Gain Overshadowed by Long-Term Struggles Against Bitcoin and Ethereum

XRP has emerged as one of the best-performing cryptocurrencies this year, boasting a notable 65% gain since January. Despite these short-term victories, XRP’s prolonged performance paints a less impressive picture when compared to crypto giants Bitcoin (BTC) and Ethereum (ETH).

XRP Struggling in Long-Term Gain

While the broader cryptocurrency market celebrated significant gains, XRP experienced a momentary deceleration in growth, sparking discussions within the community

Perhaps a significant portion of XRP’s recent surge can be attributed to a favorable ruling in July, where the U.S. Supreme Court sided with Ripple in an ongoing legal battle with the Securities and Exchange Commission (SEC). 

However, the aftermath of this victory saw many of XRP’s gains evaporate, leaving investors questioning the viability of holding the cryptocurrency, especially considering Ripple’s lingering legal challenges.

While XRP briefly soared to $0.93 post the court ruling, it experienced a subsequent drop to $0.44. Despite these fluctuations, XRP has shown signs of recovery, currently sitting above $0.61.

BTC and ETH Outperform XRP

In recent short-term movements, XRP has seen a 1.73% increase in the last 24 hours, currently trading at $0.612. However, the asset saw a significant 42% spike in 24-hour trading volume, reaching $2,001,370,458, indicating heightened market interest.

Considering the XRP over the last three years has been heavily influenced by Ripple’s regulatory struggles, which began in late 2020. The partial legal victory in July resulted in a price surge, but XRP’s long-term struggles against Bitcoin and Ethereum reveal a different narrative.

Comparatively, XRP has witnessed a 102% increase against the dollar in the last five years. However, when measured against BTC, it’s down by 82%, and against ETH, it faces a decline of 91%. 

Despite these setbacks, hopeful XRP holders anticipate a positive turn of events in the future, emphasizing the importance of patience in navigating the unpredictable crypto landscape.

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