Despite big partnerships, XRP is the only top 10 crypto to drop year-to-date

CryptoThies November 3, 2019.Why XRP price is lagging behind amidst strong partnerships.

As previously reported by CryptoSlate, Ripple has secured high profile partnerships throughout the year, including its deal with payment processors to utilize XRP in processing international remittance payments.

The price of XRP has dropped from $0.34 to $0.29, by nearly 15 percent in the past 11 months, despite the optimism surrounding its partnerships.

Currently, analysts generally believe the sluggish price trend of XRP to have been caused by the sales of the crypto asset by Ripple.

In its quarter 3 report, Ripple said that it sold $66.24 million worth of XRP, with the vast majority being sold to institutions.

"Ripple sold $66.24 million XRP in Q3 2019, a 73.7% decrease in sales in XRP QoQ, as measured in USD. Overall market capitalization of digital assets decreased in Q3, with the overall market cap losing 30.4%. XRP price declined 35.4% QoQ.".

The firm noted that it intends "To maintain a similar approach to Ripple's XRP sales as compared with Q3," hinting at additional sales of the asset approaching the year's end.

In the past month, technical analysts like Peter Brandt have said that XRP looks to have finally bottomed after what has been a relatively poor year for the crypto asset in terms of price.

"The diamond pattern has always been a top pattern among traditional markets. I suppose pattern might work for a bottom in crypto markets. If you want to know what a very clean diamond looks like, see XRP.".

With a major Japanese financial institution in SBI Group and a widely utilized remittance service provider in MoneyGram both doubling down on their focus on XRP, the asset seemingly has factors for a potential rally.