XRP has faced a turbulent year, underperforming compared to major rivals like Bitcoin and Ethereum. It is currently trading at $0.5, down 1.2% from that last 24 hours. Despite the occasional hype around Ripple’s potential in cross-border payments, XRP’s price has seen major drops, making it one of the poorest-performing tokens of 2024.
XRP YTD performance decline by more than 10%. Source: TradingViewLooking at the year-to-date (YTD) data, XRP has declined by roughly 10% since January, contrasting starkly with the gains seen in Bitcoin and Ethereum. Bitcoin’s YTD performance stands at 80.06%, and Ethereum has also maintained a solid position with a YTD increase of 27.74%.
Amid XRP struggle, an XRP advocate with user name Brett_Crypto_X, reshared 3 years old news about Ripple’s potential use in cross-border payments. He shared a snapshot of the World Bank report on CBDC for cross border payment which includes the name of XRP. This shill promoted this old news as if it’s new, likely attempting to bolster the token’s struggling price.
However, market sentiment has not responded to these claims, as token’s price remains down today.
Will Trump’s Win Clear XRP’s Legal Hurdle?
Looking ahead, there are factors that could positively influence XRP’s trajectory. Donald Trump’s win in the recent U.S. presidential election may lead to changes in regulatory leadership. One of Trump’s key promises to the crypto community was to remove current SEC Chair Gary Gensler on day one of his presidency.
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Gensler has taken strong action against digital assets, including XRP. Although Trump can’t directly fire Gensler, he can appoint a new SEC chair upon taking office. The next appointee would likely take a more crypto-friendly approach. Ripple’s CEO Brad Garlinghouse also shared the same views on X.
A new SEC leadership could potentially favor Ripple’s native token, helping to resolve its legal issues more quickly. If XRP gains regulatory clarity, it could open doors to new financial products like ETFs, which would attract institutional investment and boost its market performance.
While skepticism remains high, market analysts suggest the token could rebound if these legal and institutional catalysts come to fruition.
Analyst expecting XRP to surge in coming days after institutions filed for ETF. Source: XAbove all, if Wall Street money flows into XRP ETFs, the token may finally break free from its prolonged underperformance.
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