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XRP has rebounded back to $0.27 after gaining close to 2.5 percent in the last 24 hours. But it's dangling by a thread, just one cent above its lowest price so far this year, as its price continues to slump back to 2017, pre-bull run levels.
XRP isn't the only cryptocurrency to post gains today, with much of the cryptocurrency market now in the green. But while it's a good day for crypto, it's small consolation for XRP.
Having fallen by almost 23 percent this year, XRP is the only top 10 cryptocurrency that is now worth less than it was when the year started–and it doesn't end there.
XRP has also seen its market share shrink over the past eight months, collapsing from over 11 percent down to just 4.3 percent today after losing ground to both Bitcoin and Ethereum. It's market capitalization still sits at a respectable $11.57 billion, though this is less than one-tenth of its all-time high.
Despite the poor performance of XRP in 2019, Ripple, which is focused on XRP, has been making steady progress this year. It recently on-boarded MoneyGram as an xRapid partner and introduced remittance firm Xendpay into RippleNet—its suite of products—this week. It's also been plowing money into its incubated companies to build out the XRP ecosystem. But when will it take effect?