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.
.60 Resistance Despite Market Optimism; CTO David Schwartz Speaks Out on XRP Price" >
XRP has been largely confined within a trading range of $0.52 and $0.60 since mid-July, showcasing a fully diluted valuation of $58.6 billion. Despite an impressive daily trading volume of $1.5 billion, the altcoin has encountered strong resistance from a macro falling logarithmic trendline.
However, XRP has managed to make some notable moves, rising by 0.82% in the last 24 hours to reach $0.588, and showing a weekly gain of 4.16%. This uptick comes as the broader crypto market shows signs of optimism, with XRP also benefiting from renewed interest in cross-border payments and recent developments, such as the launch of the Grayscale XRP Trust.
The Trust, which is 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.
Ripple CTO Speaks Out on XRP Price Trajectory
In other news, Ripple’s CTO, David Schwartz, recently shared his thoughts on XRP’s price trajectory. Responding 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.
Interestingly, Schwartz also 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” Conversation Continues
This conversation also reignites a long-standing debate, which stems 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 Breakout Possible, If?
Finally, XRP has been largely confined within 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.
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