The cryptocurrency market entered its bullish phase as Bitcoin skyrocketed to a new all-time high of $70,008. The broader cryptocurrency market made leading altcoins hit new monthly highs and only Ripple’s native token XRP remains on the back foot. While meme coins spiked nearly 400% in a month, XRP moved only 18% in 30 days.
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So why are meme coins rallying harder in the cryptocurrency market than Ripple’s XRP? In this article, we will highlight why XRP is barely rallying in the cryptocurrency market despite the bull run.
Here’s Why XRP Remains In the Back Foot Despite the Cryptocurrency Rally
Investors remain skeptical about Ripple’s XRP as the fintech firm is locked in an ongoing legal suit with the SEC. XRP remains at risk as the ongoing lawsuit could dampen its prospects despite a price rise. Until Ripple comes out clear in the courts, a price rise along the lines of Bitcoin and Ethereum might not be possible.
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The development is testing the patience of its investors as every other cryptocurrency delivered profits except XRP. The move makes investors reconsider putting money in the altcoin and choose to invest in other cryptocurrencies. This made Ripple’s native token attract bearish sentiments as it did not receive a massive inflow of funds.
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On the other hand, Bitcoin, Ethereum, and meme coins experienced an influx of new funds into its fold. Despite the cryptocurrency bull market, XRP is at the receiving end due to the legal turmoil with the SEC.
At press time, Ripple’s cryptocurrency XRP was trading at $0.60 and is down close to 3% in the 24-hours day trade. Ripple’s native token XRP is also down nearly 82% from its all-time high of $3.40, which it reached in January 2018. It’s been more than six years and the leading altcoin is unable to climb above its ATH.