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All through the Ripple vs SEC case $XRP has been struggling between $0.52 and $0.60 since mid-July, holding a hefty fully diluted valuation of $58.6 billion. Despite an impressive daily trading volume of $1.5 billion, the large-cap altcoin continues to face tough resistance from a stubborn macro falling logarithmic trendline.
Notably, $XRP has been making notable moves, climbing 0.82% in the last 24 hours to hit $0.588, with a weekly gain of 4.16%. This uptick comes as the broader crypto market shows signs of optimism, with $XRP benefiting from renewed interest in cross-border payments and recent developments, such as the launch of the Grayscale $XRP Trust.
The Trust, open to accredited investors, signals a strong endorsement for $XRP’s use case as it powers the $XRP Ledger, a distributed network designed for efficient international money transfers.
Can $XRP break through and rally higher?
Ripple CTO David Schwartz Speaks Out on $XRP Price
Ripple’s CTO, David Schwartz, recently shared his thoughts on $XRP’s price trajectory. In response to an X user who suggested that Ripple was suppressing $XRP’s value, Schwartz confirmed his holdings and expressed a clear desire to see the price rise. “I hold $XRP,” he emphasized, adding that he certainly would if he could push the price higher.
Schwartz highlighted an often-overlooked consequence of lower $XRP prices: higher payment costs. Using Bitcoin as an example, he explained that lower prices make it less practical for payments, stating, “Lower prices for $XRP make $XRP payments more expensive.”
His point reinforces the importance of $XRP’s value in making cross-border payments cost-effective, underlining its critical role in the payments ecosystem.
The “Dirt Cheap” Debate Continues
This conversation reignites a long-standing debate, stemming from a 2017 tweet by Schwartz. In the tweet, he remarked that $XRP couldn’t stay “dirt cheap” if it were to facilitate large transactions. Despite current price frustrations voiced by some users, Schwartz maintains his belief that $XRP will eventually reach the valuation necessary to power massive payments efficiently.
$XRP Price Breakout Possible, If?
$XRP has been in a sideways pattern, but a potential breakout is on the horizon as Bitcoin targets the $100K-$150K range. A run to $2 by 2025 seems possible, particularly with the SEC case nearing its end and whales accumulating 380 million $XRP in the last 10 days. With Bitcoin rallying and market sentiment turning positive, $XRP could see significant gains as smart money positions itself for a major move.
Is this the moment for $XRP to break and silence the haters? We have to wait and watch $XRP’s next move.