XRP continues to be under pressure, retracing its recent gains. This article examines current market trends and expert opinions regarding the cryptocurrency's future movements.
Decline in XRP Price and Analysis of Causes
This week, XRP has dropped by 11% and 2% in the last 24 hours, cooling off after a 40% surge earlier this month. This decline was triggered by $140 million in transfers from Ripple co-founder Chris Larsen and widespread profit-taking, with 93% of XRP supply still in the green. A leading on-chain metrics provider noted that whale activity and overheated metrics indicate a need for short-term caution rather than panic.
Ripple CTO's Statements on the Importance of XRPL
In response to XRP enthusiast Hiram SGIG's inquiry regarding XRP's relevance amid growing RLUSD discussions, Ripple CTO David Schwartz reaffirmed that XRP remains a core asset, emphasizing that increased XRPL adoption will drive XRP's utility and value. Schwartz also pointed out that XRP functions as a neutral bridge currency in a multi-stablecoin ecosystem, enabling better transactions across tokenized assets.
Awaiting Future Movements of XRP
According to analysts, XRP's current consolidation suggests a need for caution. Market analyst Degram stated that this is not a breakdown but a pause, often fueling the next upward movement if bulls maintain the support line. XRP is trading at $3.13, remaining the third-largest cryptocurrency by market cap.
David Schwartz's statements reaffirm the XRP Ledger's pivotal role in driving XRP's real-world utility. The current market situation calls for careful observation of the dynamics after reaching an all-time high of $3.65.
