Ripple’s XRP cryptocurrency has extended its losing streak into a third month. As impressive as its late-2014 winning streak was–it gained nearly twenty-fold over a six-month period–so too its latest string of losses shows few signs of letting up.
In bitcoin terms, it has shed roughly 55% since the start of the year, and 60% since peaking in December. It is currently trading near 3,800 satoshi ($0.0106). Its losses are further magnified in dollar terms, owing to weaker bitcoin prices, though the latter have recently mounted a decent recovery. The market cap has shed as much as 62% since its December peak near $850 million and is now hovering near $340 million.
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It will now have to wait for the next opportunity to pierce milestones including 10,000 satoshi, a $1 billion market cap and a record valuation.
XRP has still retained the bulk of its gains since bottoming last July, returning over 600%. Indeed, it is not unreasonable for such assets to retrace more than 50% while keeping their long-term rallies intact.
However, much of its late-2014 rally was driven by a string of positive developments vis-à-vis its introduction into banking applications. The price may have no choice but to decline during the absence of such good news items, considering that its fundamental value remains highly speculative. Ripple indicated in an update last year that it is currently focused on laying the groundwork necessary for useful applications in the future.