Quick overview

Live XRP/USD Chart

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Many XRP investors are currently underwater. According to a recent Glassnode report, around the $3.40 peak, 70% of XRP’s capital was snatched up.

The pressure to sell is gradually rising, and many holders are finding themselves in a difficult position, as they are now experiencing losses.

XRP has over 587 billion in circulation. To support that, XRP’s MVRV ratio dropped from a high of 2.44 in mid-May (when the token hit $2.58) to 2.04 today. This is enormous compared to Bitcoin’s 21 million.

Essentially, investors are observing a decline in their unrealized profits, and many are aiming for the exit ramp to break even before the next squeeze intensifies. Consequently, Ripple finds itself in that precarious area where panic and patience begin to conflate. Declining unrealized profits mean the market is searching for a new spark to keep FOMO burning brightly.

Ripple CEO Brad Garlinghouse has made bold claims about the company’s plan to transform the banking industry.

Garlinghouse emphasized that many underestimate the scale of change. He referenced a discussion by Ripple’s CTO, David Schwartz, about the need to rewire the banking system.

Curiously, Garlinghouse added that he doesn’t view the Bitcoin community as an adversary, stating that if it succeeds, the XRP community will follow suit.

Ripple gave the Skull of Satoshi to the Bitcoin community. In his speech, Garlinghouse emphasized that maximalism is a dying breed and that infighting in the cryptocurrency sector is hurting the entire industry