XRP faced a challenging period following a sudden price spike on July 13. After experiencing a mild correction in July, the asset entered a consolidation phase. However, the bearish sentiment grew stronger in August, resulting in a significant 26% decline.
Leading market intelligence provider, Kaiko, recently highlighted this disappointing performance. They confirmed that XRP experienced a decrease of over 25% in August. According to data from Binance, this decline was measured at 26.75%.
It is worth noting that the overall cryptocurrency market experienced a decline in valuation in August. Interestingly, this trend affected most of the top mainstream assets as well. However, according to Kaiko’s analysis, XRP experienced a more significant drop compared to other assets.
Kaiko presented a chart illustrating the performance of the top five altcoins, excluding Ethereum (ETH). Among these altcoins, XRP had the poorest performance in August. Interestingly, when compared to Bitcoin (BTC) and ETH, XRP also displayed weaker performance.
The wider cryptocurrency market experienced a downturn in August, and Bitcoin (BTC) was not immune to this trend. According to data from Binance, the original cryptocurrency saw a decrease of 11.26% during August. Remarkably, despite this decline, Bitcoin managed to maintain a value above the $25,000 mark.
Bitcoin’s decline of 11.26% indicates that the asset displayed greater resilience compared to XRP. XRP, on the other hand, saw a steeper drop of 26.75% in August, making its descent rate 137% higher than that of Bitcoin. Furthermore, the XRP/BTC chart registered a 17.55% decrease over the same month.
In August, Ethereum’s ability to withstand market challenges was somewhat less remarkable than Bitcoin’s. The second-largest cryptocurrency by market capitalization experienced a decrease of 11.33% during the previous month, which was a better performance compared to XRP’s substantial decline of 26.75%.
As a consequence of these fluctuations, the XRP/ETH trading pair exhibited a 17.45% decline in August. Interestingly, it’s worth noting that XRP has outperformed ETH over the past two months. Notably, ETH couldn’t capitalize on the bullish sentiment seen in July, as it recorded a 4% drop during that month, while XRP increased by an impressive 47.52%.
Related article: Why XRP is Down as Asset Falls 46% From $0.93 High – Reports
XRP Annual Profits
Despite these recent developments, XRP continues to outperform most other assets this year, second only to BTC. XRP’s annual gains are a result of sporadic surges it has experienced throughout the year, including the significant 47.52% increase in July.
Since the beginning of the year, XRP has seen a 48% rise, while BTC has gained 55.6% over the same period. In contrast, ETH has seen a 36% increase, ADA has recorded a modest 4% gain, and DOGE is the sole asset on the list that has suffered a loss this year, down by 9% since January 1st.
Cardano (ADA) experienced a notable decline in August, making it one of the month’s significant losers. However, it managed to outperform XRP during that period. Specifically, ADA saw a decrease of 16.81% in August, following a modest 7% increase observed in July.
Dogecoin (DOGE), often referred to as the original meme cryptocurrency, also felt the impact of the market’s battle between bears and bulls in the past month. During August, DOGE experienced an 18.11% decrease in its value. Interestingly, despite this decline, DOGE performed better than XRP last month.