It is shocking news again as Ripple XRP token all other cryptos this week. This has made a grat impact on crypto holders. Ripple's XRP token has gone from the worst performing top-5 cryptocurrency to the best performer in just one week.
As of writing, the world's third-largest cryptocurrency by market value is trading at $0.6574 - up 33.66 percent week-on-week, according to CoinMarketCap.
The news come, of course, as the wider crypto markets have regained poise over the last week. But while the total market capital of all cryptocurrencies is up 30 percent week-on-week, XRP has outpaced even that notable recovery.
The table below shows how XRP fared compared to its peers over the last
Performance of the top 5 cryptocurrencies in 2018
Rank Cryptocurrency % Gain week-on-week % Drop in Q1 % Down from record high as on March 31
1 Bitcoin 19 -51 -67
2 Ethereum 28 -48 -75
3 Ripple 34 -78 -88
4 Bitcoin Cash 21 -73 -85
5 Litecoin 11 -50 -71
Source:https://www.coindesk.com/price/
This table has shown us that ripple has very badly outperformed.
XRP had a disastrous start to the year, dropping 77.77 percent in the first quarter. The token had dropped by 87.86 percent as of April 1 (no joke) - numbers that made it the worst performer in the top 5 at the time.
However, XRP had been looking very oversold, as per the daily relative strength index (RSI), and a rally was perhaps inevitable.
News flow may have also played a role in the gains, with CoinDesk reporting last week that Spain-based banking giant Santander is launching One Pay FX - a cross-border payments app developed in partnership Ripple. The news garnered lots of attention from the investor community and may have put a bid under XRP. It's worth noting, though, that the application does not use XRP token.
Looking ahead, there is widespread belief that Wall Street bigwigs like Soros and Rockefeller are about to kick start another bull run in crypto markets. Ripple, with its multiple partnerships with banks and other financial institutions, might be best suited to benefit from a resulting inflow of money into the crypto space.