XRP: Buy the Dip?
Most cryptocurrencies have been soaring in 2023. As of Friday morning, Bitcoin had gained 60.5% year to date and Ethereum was up by 45.3% over the same period. Solana is recovering nicely from its association with the FTX meltdown last November, posting a 105.7% gain so far in 2023.
But XRP (CRYPTO: XRP) didn't get the memo. The cross-border payments specialist has only gained 10.8% this year, missing out on the sectorwide bonanza. XRP's stagnant valuation works out to a 23.7% underperformance compared to Ethereum, a 29.6% dip relative to Bitcoin, and a 46.8% slump versus Solana.
Sure, XRP's token price has gone up as measured in U.S. dollars, even outpacing a 2.7% year-to-date gain for the S&P 500 stock market index. But it's a significant dip in relation to its crypto-market peers. One Bitcoin was worth 48,068 XRP tokens when the New Year's fireworks lit the sky. Today, the same Bitcoin token will get you 68,310 XRP coins.
Source Fool.com
