Among the worst performing cryptos this year is XRP

Even after today’s 4% drop after cryptocurrency prices hit near-record highs in October, the top 10 cryptocurrencies are still up nicely on a year-to-date basis. Bitcoin, for example, increased its market capitalization by 66%, while smaller assets such as Dogecoin and BNB nearly doubled in value. In fact, every top 10 cryptoasset has had a positive or neutral performance so far in 2024, except for one: XRP.

The total crypto sector market capitalization is $680 billion higher than on January 1st. XRP holders may be disappointed, to say the least. Even troubled stablecoins like Tether — which has had 19 run-ins with the U.S. government, including an investigation by the U.S. Attorney in Manhattan this month — has also outperformed the Ripple-backed coin.

However, the disappointment is even greater, since Ripple was partially victorious in the most significant lawsuit in crypto history against the SEC, despite this, the exchange rate could not budge. At the conclusion of the trial, Judge Torres ruled that the transaction of XRP purchases by retail investors was not a securities transaction.

Of course, the world’s most powerful and one of the most important securities supervisory authorities did not care about the outcome of the lawsuit. The SEC has filed an appeal and is asking that this decision be overturned. For a while, however, XRP appeared to have cleared a major legal hurdle.

The XRP community also celebrated significant scalability improvements to the XRP Ledger and the launch of a new stablecoin, RLUSD. Major banks have announced their intention to explore XRP for cross-border payment applications. Ripple has begun tokenizing real-world assets through a partnership with Archax, the first digital asset exchange regulated by the Financial Conduct Authority (FCA). in partnership through.

None of this has given XRP much of a boost over its competitors in the top 10. In one year, XRP fell 17% and lost $5 billion in market capitalization.