2024

David

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
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>
</blockquote>
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

Table of Contents

U_Today

Другие статьи, опубликованные 5 июл. 2024 г.

Why is the Ethereum Price Dropping? Will ETH ETF Approval Bring Reversal?

Get Free Crypto: Airdrops July 2024

Bitcoin Maxi Hints What Comes Next After Germany, Mt Gox Selloff

ChromaWay Joins AWS Partner Network to Expand Chromia’s Reach

Will July 2024 be the Next May 2021? Has the Bear Market Begun? Will BTC Price Collapse Below $50...

ElevenLabs debuts AI Voice Isolator to remove unwanted noises from recordings

Join our free newsletter for daily crypto updates!