XRP, the cryptocurrency backed by Ripple Labs, is currently among the underperforming altcoins within the top 20 cryptocurrencies by market capitalization. Despite its substantial fully diluted valuation of approximately $50 billion and an average daily trading volume of around $814 million, XRP has often been labeled a stagnant altcoin.

Over the past five years, XRP's price performance has been significantly overshadowed by Bitcoin (BTC). Recent market data highlights that while XRP's price has only risen by about 63 percent, Bitcoin has surged by over 1000 percent during the same period.

Veteran stock and crypto trader Peter Brandt has forecasted a bleak future for XRP holders, predicting that XRP's price will continue to decline against Bitcoin in the coming months, despite indications of an impending altcoin season. Brandt points out that XRP has lost more than 70 percent of its value relative to Bitcoin over the past five years.

The last three years have been particularly challenging for XRP holders, characterized by frequent monthly sell-offs by Ripple and the pressures of an ongoing lawsuit. As the broader crypto market prepares for a bullish phase, XRP continues to lag behind. This underperformance is compounded by regulatory pressures and declining demand, leading major exchanges like Binance to discontinue support for XRP in multi-asset mode.

Although XRP has recently found solid support around the 50-cent mark against the US dollar, it faces the critical task of reclaiming the weekly support level above 58 cents to prevent further declines. As of Wednesday, May 15, 2024, XRP's price has decreased by approximately 2.3 percent over the past four weeks, trading around 50 cents.

Brandt's analysis paints a grim picture for XRP, suggesting that unless significant changes occur, the altcoin is likely to continue underperforming compared to Bitcoin. The combination of regulatory challenges, market dynamics, and Ripple's legal issues presents a difficult road ahead for XRP investors.