2024

David Vance

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The crypto market is experiencing worrying volatility, with&nbsp;<a href="https://u.today/michael-saylor-and-bitcoin-grilled-by-peter-schiff" rel="noopener noreferrer nofollow">Bitcoin</a> leading the decline. This has impacted other major cryptocurrencies, including XRP, which fell over 11.6% to $0.3823, its lowest price point level since March 2023.
In response to community concerns, Ripple's chief technology officer,&nbsp;<a href="https://x.com/JoelKatz/status/1809097926020640899" rel="noopener noreferrer nofollow">David Schwartz</a>, addressed the price of XRP. Schwartz reportedly focused on the utility aspect, stating that the current price allows users to acquire enough XRP to facilitate a $1 payment for just $1 worth of it.&nbsp; <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="3fb137bb-b9a5-451e-bf97-28c871b3325d" src="https://u.today/sites/default/files/inline-images/xrp_383.png">XRP to USD by <a href="https://coinmarketcap.com/currencies/xrp/" rel="noopener noreferrer nofollow">CoinMarketCap</a>
<blockquote>
 Still costs $1 to buy enough XRP to make a $1 payment.— David "JoelKatz" Schwartz (@JoelKatz) <a href="https://twitter.com/JoelKatz/status/1809097926020640899?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 5, 2024</a>
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This suggests a focus on XRP's functionality as a medium of exchange despite the broader market downturn, rather than an investment asset. If someone forgot, its utility lies in facilitating fast and cost-effective cross-border transactions.
<h2 dir="ltr" id="what-s-going-on">What's going on?</h2>
The current market weakness can be attributed to several factors, including large liquidations, institutional selling pressure from ETFs and governments, and ongoing uncertainty surrounding the&nbsp;<a href="https://u.today/enormous-670-million-destroyed-on-market-in-24-hours-as-bitcoin-btc-lost-55000" rel="noopener noreferrer nofollow">Mt. Gox</a> repayments.&nbsp;
These factors have created an environment where excessive selling volume exceeds market liquidity, leading to extra painful price declines.
Some experts predict a potentially prolonged bearish period due to the confluence of negative factors. Investors, those of&nbsp;<a href="https://u.today/xrp-eyes-mad-anomaly-with-7900-surge-in-bull-liquidations" rel="noopener noreferrer nofollow">XRP</a> too, should be prepared for a slow recovery as market sentiment remains cautious.
On the other hand, Schwartz's perspective suggests that while short-term volatility may impact prices, the long-term viability of cryptocurrencies like XRP hinges first on their practical applications.

Ripple CTO Breaks Silence on XRP Price

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