The ongoing bull market conditions in cryptocurrencies have led to impressive gains for many significant assets. During this period, XRP experienced a slight increase in performance but remained behind the process. Following the trend and known for his support of cryptocurrencies, lawyer Bill Morgan shared market analysis data from CoinCodex and highlighted inconsistencies.
XRP’s Low Performance
According to the data, Bill Morgan commented that XRP had not performed very well over the past year. Indeed, XRP performed worse than 62 of the top 100 crypto assets.
Despite the low performance, renowned crypto analyst Zach Rector continues to express his bullish expectations for the future of XRP. There is still a significant growth forecast for the asset.
Although weak compared to its competitors, since October 2023, XRP has only experienced a relatively small growth of about 45%. While this is a positive outlook, it appeared low compared to other major cryptocurrencies during the same period.
Binance Coin (BNB) saw an increase of 188%, while Solana (SOL) experienced an incredible increase of 665%. Projects like Cardano (ADA), Dogecoin (DOGE), and Avalanche (AVAX) among the top 10 cryptocurrencies also stood out with gains over 200%.
Despite the recent price movement, Zach Rector maintains his optimism about the future of the price movement of XRP in a 59-second clip on X, despite the pessimistic atmosphere surrounding XRP.
Rector made the following statement:
XRP holders have faced challenges, but I definitely believe this bull run offers significant potential for the asset.
Although XRP showed weak performance in the bull market of 2021, some analysts still believe in its high potential. Some analysts predict that the crypto asset could rise to $10 during the current cycle.
What is XRP’s Current Price?
While developments continue in the market, the decline in XRP continues. After a 1.18% drop in the last 24 hours, it is trading at $0.6817.
XRP’s trading volume over the last 24 hours has fallen by 18.41% to $2.6 billion. The market capitalization of XRP has also experienced a drop of over 1%, now just above $37 billion.
