The aftermath of Ripple’s courtroom victory in July painted an energetic picture for XRP. As the legal fog lifted, the popular cryptocurrency witnessed a surge in trading volumes and prices, driven by an optimistic outlook for a sustained bullish trend.
However, market metrics as per Coinmarketcap reveal a subsequent 22% downturn in XRP’s valuation over the past month. This price adjustment has been attributed to the natural ebb and flow of market dynamics. Adding to this shift, notable XRP holders—commonly referred to as “whales”—have capitalized on the price surge to book profits, introducing an element of selling pressure.
Conversely, the institutional side of the story is one of steadily rising confidence. Institutional investors, known for their calculated approach, are noticeably increasing their stakes in XRP. On-chain data reveals a consistent inflow of capital into digital asset funds dedicated to XRP.
In a noteworthy disclosure, CoinShares’ weekly report highlights a substantial $0.5 million inflow into XRP in the previous week. This influx has been a recurring trend over the past 16 weeks, constituting an impressive 12% share of the overall assets under management.
Perhaps even more remarkable is the fact that XRP’s assets under management have surged by an impressive 127% since the beginning of the year, effortlessly outpacing the growth rates of other prominent alternative cryptocurrencies, according to the CoinShares report.
BitPay’s Resounding Endorsement Ushers in a New Era
In other interesting news for Ripple and its native token, BitPay, a trailblazing cryptocurrency payment provider, has unveiled its resounding support for XRP, marking a pivotal moment in the token’s journey toward mainstream acceptance. With this strategic move, BitPay has cleared the runway for global adoption, enabling users across the world to seamlessly integrate XRP into their daily transactions.
Without a doubt, the announcement signals a new era for XRP. Users of BitPay can now use XRP to conduct secure transactions, benefit from the self-custodial prowess of the BitPay Wallet for safe storage, and engage in seamless cross-border exchanges. The ripple effect (pun intended) of this move is already evident, as the cryptocurrency community is abuzz with excitement.
BitPay’s expansive embrace of XRP extends to a diverse range of merchants. The platform’s extensive network enables XRP holders to spend their holdings across an impressive list of global stores—an impressive roster that includes well-known brands such as AMC Theatres, Hublot, and Auragentum—a respected German-based dealer of precious metals. Crucially, this adoption requires no convoluted procedures, providing a frictionless experience for both merchants and individuals seeking to transact with XRP.
XRP Falls to One-Month Low
While the Ripple community was abuzz with the interesting developments highlighted in this article, XRP’s price action doesn’t seem to share the sentiment. As of the time of writing, the fifth-largest cryptocurrency had slumped by about 3.5% over the past 24 hours, pushing XRP to the $0.5732 low—its lowest point since its legal victory against the SEC in July.
That said, the bearish sentiment being recorded is not a result of the current outlook on XRP; rather, it’s a general sentiment across the market. One reason for this could be the rising correlation between Bitcoin and Wall Street. Recent data shows that Bitcoin has gotten increasingly correlated with stocks, reaching its highest levels in several months.
Considering that stocks are currently falling due to the economic landscape in the US, Bitcoin, and the rest of the market by extension, is getting dragged lower.
It would be interesting to see how the crypto market pushes its way through this setback and gets back on track to kickstart a new bull cycle.
XRP Statistics Data
Current Price of XRP: $0.5880
XRP Market Cap: $31B
Circulating Supply of XRP: 52.8B
XRP Total Supply: 100B
XRP Market Ranking: #5
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