$26 XRP Price Still in View as Ripple CTO Cites its Practical Utility in the Trillion-Dollar Payments Market ⋆ ZyCrypto
The post $26 XRP Price Still in View as Ripple CTO Cites its Practical Utility in the Trillion-Dollar Payments Market ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Ripple’s XRP faced a tumultuous week as its price plummeted 11% to a 15-month low of $0.38 on Friday, exacerbating concerns among investors amidst a broader market decline. Notably, the crypto asset has shown significant weakness since attempting to recover in mid-March, evidenced by lower lows and lower highs on its daily chart. However, Friday’s decline prompted a flurry of reactions within the crypto community, notably catching the attention of Ripple’s Chief Technology Officer, David Schwartz. Responding to a tweet from an XRP influencer on his thoughts following XRP’s drop below the $0.40 mark, Schwartz emphasized the practical utility of XRP despite its current market valuation. “Still costs $1 to buy enough XRP to make a $1 payment,” Schwartz tweeted, underscoring XRP’s efficiency in facilitating transactions regardless of its market price fluctuations. Notably, Schwartz refrained from making direct price predictions but affirmed the intrinsic value of XRP in its role as a payment asset. Schwartz’s comments come amidst an ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), which have weighed heavily on XRP’s price and market sentiment since December 2020. The SEC’s allegations of XRP being an unregistered security have compounded uncertainties surrounding the coin’s regulatory status, contributing to its prolonged price consolidation. Advertisement   However, despite Friday’s significant decline, which marked an 89.1% drop from its all-time high of $3.84 several years ago, supporters within the XRP community remain optimistic. Brent Hill, a staunch member of the community, expressed confidence in XRP’s resilience, suggesting that the current downturn could present a strategic buying opportunity for investors. “In times like these, it’s important to stay grounded and view dips as rare opportunities to accumulate,” Hill tweeted, echoing sentiments shared by other community members who see potential long-term gains amid short-term market…
Filed under: News - @ July 6, 2024 6:12 am