$26 XRP Price Still in View as Ripple CTO Cites its Practical Utility in the Trillion-Dollar Payments Market ⋆ ZyCrypto

Ripple’s
XRP
faced
a
tumultuous
week
as
its
price
plummeted
11%
to
a
15-month
low
of
$0.38
on
Friday,
exacerbating
concerns
among
investors
amidst
a
broader
market
decline.

Notably,
the
crypto
asset
has
shown
significant
weakness
since
attempting
to
recover
in
mid-March,
evidenced
by
lower
lows
and
lower
highs
on
its
daily
chart.
However,
Friday’s
decline
prompted
a
flurry
of
reactions
within
the
crypto
community,
notably
catching
the
attention
of
Ripple’s
Chief
Technology
Officer,
David
Schwartz.

Responding
to
a
tweet
from
an
XRP
influencer
on
his
thoughts
following
XRP’s
drop
below
the
$0.40
mark,
Schwartz
emphasized
the
practical
utility
of
XRP
despite
its
current
market
valuation.

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“Still
costs
$1
to
buy
enough
XRP
to
make
a
$1
payment,”
Schwartz
tweeted,
underscoring
XRP’s
efficiency
in
facilitating
transactions
regardless
of
its
market
price
fluctuations.
Notably,
Schwartz
refrained
from
making
direct
price
predictions
but
affirmed
the
intrinsic
value
of
XRP
in
its
role
as
a
payment
asset.

Schwartz’s
comments
come
amidst
an
ongoing
legal
battle
between
Ripple
Labs
and
the
U.S.
Securities
and
Exchange
Commission
(SEC),
which
have
weighed
heavily
on
XRP’s
price
and
market
sentiment
since
December
2020.
The
SEC’s
allegations
of
XRP
being
an
unregistered
security
have
compounded
uncertainties
surrounding
the
coin’s
regulatory
status,
contributing
to
its
prolonged
price
consolidation.

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However,
despite
Friday’s
significant
decline,
which
marked
an
89.1%
drop
from
its
all-time
high
of
$3.84
several
years
ago,
supporters
within
the
XRP
community
remain
optimistic.
Brent
Hill,
a
staunch
member
of
the
community,
expressed
confidence
in
XRP’s
resilience,
suggesting
that
the
current
downturn
could
present
a
strategic
buying
opportunity
for
investors.

“In
times
like
these,
it’s
important
to
stay
grounded
and
view
dips
as
rare
opportunities
to
accumulate,”
Hill
tweeted,
echoing
sentiments
shared
by
other
community
members
who
see
potential
long-term
gains
amid
short-term
market
turbulence.

Analysts
also
weighed
in
on
XRP’s
price
movements,
with
some
pointing
to
historical
patterns
where
significant
dips
preceded
substantial
gains
in
the
past.

DarkDefender,
followed
by
106,000
users
on
X,
highlighted
that
XRP
tapped
a
“critical
support
level”
at
$0.3917,
which
could
signal
a
price
turnaround
if
it
holds
above.
He
identified
this
level
as
the
‘Point
of
Control’
(POC)
(Green
Dotted
Line),
indicating
it
has
been
a
central
point
for
trading
activity
since
2014.

Furthermore,
DarkDefender,
who
recently
forecasted
an
imminent
“God
candle”
for
XRP,
highlighted
a
consistent
pattern
observed
from
2014
to
2017.
This
suggests
the
crypto
asset
could
rally
by
approximately
6,200%
in
the
next
bull
run,
potentially
reaching
around
$26
based
on
the
current
market
price
of
XRP.

Another
analyst,
“LUDXRPFLR,”
projected
that
XRP
could
surge
to
$70
upon
breaking
out
of
its
current
consolidation
phase
within
a
weekly
symmetrical
triangle,
emphasizing
substantial
potential
price
targets
ahead.

At
press
time,
XRP
was
trading
at
$0.42,
recovering
slightly
after
the
Friday
morning
dip
but
still
reflecting
a
5%
decline
over
the
past
24
hours.