The crypto market in general was hit hard by the bearish pressure but presently it has begun to find its footing again. In spite of this, Ripple (XRP), has not seen any impressive gains despite the let up of the bear market. This recent development has come as a shock to several of its investors.
Several crypto analysts believe that Ripple’s less-than-positive price action could be as a result of the launch of JPMorgan’s cryptocurrency (JPM coin). JPM coin is seen as major competitor to XRP.
XRP, stable but not rising
Though the recent surge in the crypto industry has not been very visible in regards to XRP’s price action, the coin isn’t bearish, it has simply been trading around its current price levels.
At the time of writing, Ripple is slightly up from its daily low of $0.319. Looking over a period of one week, XRP is down from highs of roughly $0.35, and is just slightly above its weekly lows of $0.318. This flat trading of XRP isn’t unique to the past seven days as the coin has been experiencing horizontal trading since the beginning of the year.
A popular crypto trader on Twitter, Harry, tweeted that XRP is in “accumulation” phase, and may not be able to break out of this sideways trading until the third or fourth quarter of this year.
Could JPM coin be the cause of XRP price stagnancy?
In the early parts of 2019, one of the world largest banks, JPMorgan Chase, launched its own cryptocurrency with features similar to Ripple’s.
Another crypto analyst on twitter, Crypto Dog, asked the Twitter crypto community why a bank would use XRP over JPM Coin. This caused a lot of controversy in the crypto community and so points to the fact that JPM might be causing XRP sideways trading.
It is still unclear whether JPM has truly been the cause if XRP price stagnancy. Investors will soon find out whether XRP will bounce back or will slide further downwards.