XRP, one of the most popular altcoins, is in the red on every single timeframe, according to recent data provided by CoinGecko.
It is down 3.1% over the past 24 hours, 7.1% over the past week, nearly 19% over the past month, and nearly 12.5% on a year-to-date basis.
Such underperformance is quite stunning considering that XRP was supposed to benefit from significant ETF hype.
As reported by U.Today, XRP ETFs have already surpassed a total of $1 billion in net assets. Meanwhile, more spot-based products from issuers of the likes of Canary Capital are on track to be launched in the near future.
XRP is failing to buck the broader bearish cryptocurrency market trend. Moreover, it has actually underperformed Bitcoin (BTC) and some other leading cryptocurrencies as of recently despite the excitement surrounding multiple successful ETF launches.
Falling below BNB
BNB, the native token of the BNB Chain ecosystem, also narrowly overtook XRP in market capitalization earlier today.
However, XRP is now back in fourth place at press time, according to the most recent CoinGecko data. It remains to be seen whether it will manage to remain above BNB, given that the bulls are currently on a rather shaky ground.
The price of the Ripple-linked token is now on the verge of slipping below the $2 level once again after weeks of underperformance.
Collapsing fees
There has been an 89% decline in XRP's daily transaction fees to 650 XRP (90-day SMA), the lowest since December 2020.
The "total fees paid" metric serves as a proxy for overall network activity and utility. High fees indicate bustling usage. On the other hand, low fees could signal waning demand.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team
