XRP Struggles Against Bitcoin as Developers Shift to Other Blockchains
XRP, the cryptocurrency associated with Ripple, may be approaching a significant squeeze against Bitcoin (BTC).
XRP/BTC looks ready for a huge squeeze pic.twitter.com/O0lzuHbTCZ
— Crypto Michael (@MichaelXBT) September 8, 2024
Currently, the XRP/BTC trading pair is valued at 0.00000968 BTC, reflecting a 34.5% drop since the start of the year. However, it has seen a 27% rise since June, indicating potential momentum.
In August, XRP experienced a similar squeeze following the highly anticipated final ruling by Judge Analisa Torres in the SEC v. Ripple case.
This legal decision temporarily boosted XRP’s market dynamics, but challenges within the broader ecosystem persist.
Anddd there’s your squeeze.
XRP / SEC case is over. And XRP is finally officially declared not a security. https://t.co/2ba0NcT9lY pic.twitter.com/P4l7BZaqYD
— K A L E O (@CryptoKaleo) August 7, 2024
Artur Kirjakulov, co-founder of XPMarket, has highlighted that the XRP Ledger ecosystem has reached its lowest point since January 2022. According to Kirjakulov, the shrinking market cap suggests that developers and projects are increasingly abandoning XRP for other blockchain networks. This trend could hamper innovation and erode investor confidence in the long run.
Moreover, the XRP ecosystem has struggled to capitalize on emerging trends like decentralized finance (DeFi) and meme coins, which have gained significant traction in other blockchain communities. The failure to engage with these growing sectors may further hinder XRP’s ability to attract new developers and investors, raising concerns about its future growth potential.
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XRP, one of the top altcoins by market cap, held steady around $2.35 on March 27, despite mounting selling pressure. Traders have poured nearly $400 million into short positions over the past month, creating a barrier that has kept the price from breaking higher. With April approaching, the question is whether XRP can overcome this […]
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XRP has been struggling to gain momentum, following the broader decline in the cryptocurrency market after the recent White House Crypto Summit. While price action remains volatile, analysts believe the token still holds significant long-term potential. Some experts suggest that XRP could replicate its historic bull run from 2017-2018, when it skyrocketed over 700%. If […]
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