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Cardano Founder Reacts as BitBoy Says ADA Has Lost Institutional Appeal

Abdulkarim Abdulwahab
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Cardano Founder Reacts as BitBoy Says ADA Has Lost Institutional Appeal

Cardano founder Charles Hoskinson has responded to the claims from famous crypto commentator Ben Armstrong, aka BitBoy, who asserted that ADA has lost institutional appeal.

On Tuesday, Armstrong took to X to reemphasize his position that ADA is a “dead” crypto asset. Specifically, he asserted that Cardano is no longer seen as a worthy acquisition by venture capitalists, which he believes, by extension, will lead to the death of ADA as a legitimate investment.

Meanwhile, BitBoy clarified that the view does not mean ADA cannot yield returns for holders in this cycle. Instead, he noted his belief that Cardano could rally, but it would post a less encouraging profit for investors.

BitBoy’s pessimistic view has triggered substantial criticism from Cardano proponents. Charles Hoskinson has now joined the chorus, responding to BitBoy’s claims.

Cardano Founder Not Sure How to Appease BitBoy

Hoskinson recalled the days when the initial vision of cryptocurrencies was about replacing traditional institutions rather than trying to appease them or seek validation. He humorously added that he might need to learn to play the banjo to make BitBoy happy.

Other commentators have also weighed in, dismissing BitBoy’s claim that ADA is “dead” to institutions. They argue the notion is irrelevant, as Cardano never relied on venture capital funding to thrive. Instead, they believe Cardano focuses on serving its users and the community rather than catering to institutional investors.

Interestingly, BitBoy’s latest criticism of ADA comes just weeks after Hoskinson refused to honor his invitation to a friendly discussion. Notably, the Cardano founder stated that since BitBoy had joined the chorus of naysayers criticizing ADA, nothing was left to discuss.

BitBoy Exhibits Inconsistencies

Armstrong was a Cardano bull until recently. In an analysis six months ago, he asserted that ADA could rally by 2,500% to trade at $11. This dramatic shift in opinion has raised eyebrows. 

Some suggest that BitBoy’s criticism may be motivated by personal reasons rather than a genuine assessment of Cardano’s prospects.

Notably, BitBoy has a history of calling popular crypto projects dead. During the FTX debacle, he asserted that Solana was dead and urged investors to flee from SOL. Meanwhile, in more recent assessments, he has identified SOL as a worthy investment.

Ethereum Price Falls 5.78% as RSI Reaches Lowest Level Since August 2023

Mark Brennan
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0
Ethereum Price Falls 5.78% as RSI Reaches Lowest Level Since August 2023

Ethereum price witnesses a 24-hour drop of up to 5.78%, as its Relative Strength Index (RSI) hits lowest level since August 2023, suggesting oversold conditions.

Market veteran Michael van de Poppe, disclosed this in a recent report. This sharp decline indicates significant bearish momentum, suggesting Ethereum might be oversold. Furthermore, altcoins have reached their lowest RSI levels, either historically or for this cycle, indicating a widespread market capitulation.

Potential Downward Targets for Ethereum Price

Ethereum price currently hovers around $2,956, marking a 5.78% decline over the past 24 hours. Key resistance is identified between $3,800 and $4,200, where Ethereum struggled to break through, leading to its recent decline. The price now faces crucial support at $2,480. A breach below this level could trigger further declines towards $2,145.

Despite the decline, trading volume remains stable, indicating the absence of panic selling. This stability suggests that while the market sentiment is bearish, a potential rebound or consolidation phase could be on the horizon.

Price Impact on Holder Profitability

Analyzing Ethereum addresses, varying positions are seen based on the current price of $2,956. Notably, a significant number of addresses are “Out of the Money,” having purchased ETH at prices ranging from $2,951.47 to $3,400.33, thus currently incurring losses.

Ethereum Price GIOM IntoTheBlock
Ethereum Price GIOM | IntoTheBlock

Market Sentiment and Investment Flows

Meanwhile, a previous report from CoinShares highlighted continued outflow from crypto investment products, totaling $30 million over the past three weeks, according to The Crypto Basic. 

Ethereum alone saw an outflow of $61 million. Despite this, Bitcoin-related exchange-traded products (ETPs) experienced an inflow of $10 million, bringing the total assets across all Bitcoin ETPs to $67.57 billion.

Interestingly, other digital assets also saw positive net inflows. Multi-asset ETPs attracted $18 million, while Solana, Litecoin, Chainlink, and XRP recorded inflows of $1.6 million, $1.4 million, $600,000, and $300,000 respectively. Ethereum’s unique outflow data suggests increased bearish sentiments surrounding the asset.

IOG Reveals Cardano Latest Update Amid Soaring Network Activity 

Lele Jima
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IOG Reveals Cardano Latest Update Amid Soaring Network Activity 

Input Output Global (IOG) publishes its latest weekly development update, highlighting impressive performance from Cardano and progress made by the different teams within the ecosystem. 

According to the latest report, Cardano witnessed significant growth across different metrics, including total transactions, native tokens, and token policies. 

Cardano Witness Growth in Network Activity 

Cardano now boasts a total transaction of 93.3M, up 0.43% from last week’s record of 92.9M. Additionally, the number of native tokens within the Cardano ecosystem has increased by 40,000 over the past week to 10.17M. 

Furthermore, Cardano’s token policies rose from 136,594 to 141,712 in one week, marking a 7-day increase of 3.74%. Meanwhile, the report indicates that Cardano saw the addition of only one new project over the past week, bringing the number of projects building on the network to 1,365. 

Also, 2,970 Plutus scripts were added to the Cardano network this week. This increased the total figure to 64,248 at the time of the update.

Although the IOG did not highlight Cardano’s total value locked (TVL) last week, the latest stat shows that the assets locked on the network were around $547.7 million. 

Latest Development Update 

Besides Cardano’s impressive network activity, the IOG team provided insight into the team’s development efforts this week. 

In particular, the core technology team released v.8.12.2 of the Cardano node to improve bootstrap peer networking. Also, the Ledger team continued to focus on constraint generator testing, updates to Alonzo UTXO specifications, and conformance test plumbing. This team also improved the Conway era safety and resilience this week.  

Further, the Lace team released a new upgrade for its wallet, giving users an enhanced crypto storage experience. Regarding Scaling, the Mithril team made significant progress in certifying Cardano transactions on its network. The progress includes identifying and fixing bugs, as well as supporting Cardano node v.8.12. 

Regarding Catalyst, IOG revealed that Town Hall 169 premiered this week. It featured ongoing governance developments, with all issues relating to the voting app resolved. 

Lastly, the Education team continued its preparation for the upcoming Cardano development course, which is scheduled to be held next month in Buenos Aires, Argentina. They also worked on the educational content for Mastering Cardano and Voltaire. 

Economist Says XRP $20 to $33 Still in Play as XRP Enters Favorable Buy Zone

Abdulkarim Abdulwahab
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0
Economist Says XRP $20 to $33 Still in Play as XRP Enters Favorable Buy Zone

Notable economist and market watcher “XRP Shark” proposes $20 to $33 as the next expected target for XRP as his long-forecasted buy zones kick in.

Today, XRP revisited the $0.39 threshold, a price point not seen in more than 365 days. This emerged following an over 11% price crash triggered by Bitcoin’s bearish volatility. 

XRP Enters Favorable Buy Zone

Interestingly, as far back as January 22, analyst XRP Shark disclosed his anticipation of accumulating XRP around the $0.3 region. Per the update, he set buy orders for XRP between $0.35 and $0.45, while the asset traded around $0.54 at the time.

XRP Shark believed a price of around $0.35 would mark the bottom for XRP this cycle before a violent bull surge follows. Meanwhile, XRP initially defied this bearish expectation, reaching the $0.74 mark a few weeks later. Market bears took over ever since as XRP bulls swiftly ran out of steam.

Six months later, XRP finally breached the $0.4 level. The analyst revisited his January outlook, expressing delight that the projection was materializing. This accuracy of his forecast has intrigued community members, who are now asking him for targets to anticipate when the projected violent pump starts taking shape. 

Now Watch out for $20 and $33

In response, XRP Shark expressed confidence that the values between $20 and $33 can be anticipated. Meanwhile, the analyst previously noted that a breach below $0.3 would invalidate his bullish outlook.

At the time of reporting, XRP has briefly reclaimed the $0.4 region, trading slightly higher at $0.4096. For the lower threshold to materialize, XRP must advance by 4,782%. Conversely, the upper boundary demands a surge of 7,956%.

How Long Before XRP Soars by 47X and 80X?

Considering the ambitious nature of this forecast, the analyst stressed that just as it took an extended period to see a $0.39 low, the upside would follow a similar trajectory. He hopes XRP reaches between $20 and $33 by late 2025 or early 2026. 

This sentiment is widely shared among independent market analysts in the crypto community. On the other hand, analysts at prediction platforms like Changelly and Telegaon believe an XRP at $20 will not see the light of day until the next decade.

Ripple CTO Addresses XRP Price Drop: Costs $1 to Make a $1 Payment

Mark Brennan
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Ripple CTO Addresses XRP Price Drop: Costs $1 to Make a $1 Payment

Ripple CTO David Schwartz addresses claims about XRP pricing, emphasizing its practical utility despite recent market downturns and price fluctuations.

The cryptocurrency market recently experienced significant downturns, with XRP briefly trading below $0.40. At this time, David “JoelKatz” Schwartz, CTO at Ripple and one of the original architects of the XRP ledger, addressed claims about XRP’s pricing, emphasizing the token’s practical value. 

Schwartz reacted to an assertion made by a commentator who aimed to mock the Ripple CTO’s 2017 remarks. Notably, Schwartz argued in November 2017 that XRP cannot be dirt cheap due to its utility in payments. He further commented on the statement in April this year.

With XRP now collapsing alongside the rest of the market, community member “Scam Detective” sought to mock this statement. However, in response, Schwartz highlighted that despite the low trading price, the functional cost of using XRP remains unchanged, reinforcing that the token’s utility does not diminish with its market price.

 

Community sentiment around XRP remains mixed, with some commenters speculating on the timing of its price movements. One individual suggested that the recent price dip coincides with the anniversary of a significant legal ruling by Judge Torres.

Market Downturn Affects Leading Cryptos

XRP’s price has since shown a minor recovery, trading at $0.4042, up from a recent low of $0.3994. This slight rebound occurred despite a broader market decline, which saw the total cryptocurrency capitalization drop to $2.07 trillion, marking an 8.6% daily decrease. 

XRP Daily Chart
XRP Daily Chart

The majority of leading digital assets were significantly affected, with few exceptions showing marginal increases.

Bitcoin, the primary cryptocurrency, experienced one of the most substantial drops, falling below $54,000 for the first time since February. This decline resulted in severe repercussions for many over-leveraged traders, with total liquidations nearing $700 million. 

The broader market downturn raised questions about the focus on XRP’s price drop, as other digital assets were similarly impacted. One commenter particularly questioned: “The entire market is down. Why are you just picking on XRP?”

XRP’s Resilience and Utility

Despite the market volatility, XRP’s inherent utility remains a point of confidence among proponents. Rob Cunningham, the host of the Kuwl Show, previously expressed a strong belief in XRP’s resilience, stating that no amount of financial pressure could undermine XRP’s value proposition. 

Cunningham detailed how XRP significantly reduces global payment friction, fraud, fees, and foreign exchange costs. He also emphasized the token’s ability to address inefficiencies in nostro/vostro accounts with its rapid 3-5 second settlement times.

Here are Shiba Inu Prices if Bitcoin Hits $150K, $325K, $500K and $1M 

Lele Jima
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0
Here are Shiba Inu Prices if Bitcoin Hits $150K, $325K, $500K and $1M 

Shiba Inu could soar to $0.003, $0.0001015, $0.0001, and $0.0003117 if Bitcoin hits $150,000, $325,000, $500,000, and $1 million, as projected by top experts. 

Bitcoin continues to dictate the tune of the broader crypto market. The leading asset’s recent dip caused a significant downturn across the broader market, with tokens like SHIB sustaining substantial losses.

Despite this collapse, top experts remain confident that Bitcoin will embark on a bullish run soon. Some market watchers project that the top asset could surge to $150,000, $325,000, $500,000, and $1 million.

Interestingly, the general consensus is that if Bitcoin reaches these levels, Shiba Inu’s correlation with it can set the meme coin up for similar price gains. 

Shiba Inu’s Correlation with Bitcoin 

It is no longer news that Bitcoin’s price action determines the performance of other crypto assets, including SHIB. 

The Crypto Basic recently reported that there is a strong correlation between the prices of Shiba Inu and Bitcoin. Data from IntoTheBlock shows that Shiba Inu boasted an 85% correlation with Bitcoin over the past 30 days. 

This implies that Shiba Inu’s price has been in sync with Bitcoin’s movement at a higher level. At press time, Shiba Inu’s price is down 4.97% over the past seven days, while Bitcoin’s price has dipped 5.27% in the same timeframe. 

Given Shiba Inu’s close correlation with Bitcoin, analysts expect significant surges for the dog-themed token if Bitcoin reaches the projected prices of $150,000, $325,000, $500,000, and $1 million. 

Here’s SHIB Price If BTC Reaches $150,000 

According to top trader Wizard Crypto, BTC could reach a target of $150,000 during the bull market’s peak. The prediction aligns with Standard Chartered’s projection of $150,000 by year-end for Bitcoin. 

While Standard Chartered did not indicate what level SHIB would surge to if Bitcoin hits $150,000, Wizard Crypto speculates the dog-themed token would change hands at $0.003. The $0.003 prediction marks a surge of 34,905% from the current price of $0.00001714. 

SHIB Price if Bitcoin Hits $325,000 

The Crypto Basic yesterday analyzed Shiba Inu’s potential price surge if Bitcoin hits $325,000, as projected by top asset manager VanEck. Notably, the asset manager also predicted that Ethereum (ETH) would rise to $22,000.

With BTC and ETH trading at $61,738 and $3,460 at yesterday’s reporting time, VanEck’s projection marked a surge of 426.4% and 536.5%, respectively.

Given SHIB’s 85% and 94% correlation with BTC and ETH, we projected that the dog-themed token could also spike tremendously if both assets reach VanEck’s prediction. Using the projection’s average of 481%, The Crypto Basic forecasted that SHIB could soar to $0.0001015 from $0.00001747, the price recorded at the time of the report.

Here’s SHIB Price If BTC Hits $500,000 

Recall that with BTC surging to $42,000 earlier this year, Bloomberg speculated that the price increase is the beginning of a bullish run that could take the top asset to $500,000.

Consequently, in February, we consulted the services of two popular AI chatbots, Google Bard (now Gemini) and ChatGPT, to ascertain SHIB’s price if BTC clinches the coveted $500,000 target. While ChatGPT projected that SHIB could hit $0.01 if BTC trades at $500,000, Google Bard stated that the token could trade between $0.0001 and $0.001. 

To hit the $0.01, $0.001, and $0.0001 targets, SHIB must respectively soar 58,243%, 5,743%, and 483.43% from the current price of $0.00001714.

SHIB Could Hit $0.0003117 If BTC Hits $1 Million 

Earlier this month, leading asset manager Bernstein predicted that Bitcoin would spike astronomically in the coming years, potentially hitting a staggering $1 million by 2033. As reported earlier, the $1 million price projection marked a 1,409% surge from Bitcoin’s price of $66,273 as of June 20. 

Based on SHIB’s correlation with BTC, The Crypto Basic applied the 1,409% growth rate to the dog-themed token and found that its price could surge to $0.0003117 if BTC hits $1 million. 

Key Shiba Inu Levels to Watch as SHIB Dips to $0.000013

Sam Wisdom Raphael
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Key Shiba Inu Levels to Watch as SHIB Dips to $0.000013

Shiba Inu drops 9% over a 24-hour period to touch the $0.000013 price, essentially triggering new support and resistance levels to watch out for.

Expectedly, the market downtrend has impacted mainstream altcoins, with Shiba Inu (SHIB) experiencing some of the burns. Over the past three days, SHIB has lost $2.31 billion from its market cap, which has collapsed below $10 billion to $7.87 billion. Notably, the valuation of the top 125 altcoins has also dropped by $155 billion to $870 billion.

Shiba Inu Gives up $0.000015 and $0.000014

Following the drop below $0.000016, Shiba Inu looked to mount a more robust support at $0.000015. The Crypto Basic confirmed that this level features a demand wall with 91.7 trillion SHIB tokens. However, as the BTC selling pressure impacted SHIB, this support broke. Notably, Bitcoin saw a series of selloffs yesterday, triggering its rapid drop and a market contagion.

Discouragingly, this contagion spread further overnight, with Shiba Inu giving up the $0.000015 and $0.000014 support thresholds at once. In a report this morning, The Crypto Basic identified Bitcoin’s steep drop below $54,000 as the culprit. In addition to this, Shiba Inu is equally witnessing selling pressure, with liquidations exceeding $2 million.

With the drop below $0.000015 and $0.000014, Shiba Inu has now triggered new resistance and support levels. These levels are capable of dictating its price direction in the short and mid-term, making them worthy of note. 

New SHIB Levels to Watch

For one, SHIB has slumped below the lower Bollinger Band at $0.00001437. The asset must reclaim this price level to grant enough strength to the bulls for a push toward full recovery. Failure to accomplish this could lead to steeper price declines. 

Shiba Inu Fibonacci Levels
Shiba Inu Fibonacci Levels

A recovery of the lower Bollinger Band would bring Shiba Inu face-to-face with the 23.6% Fibonacci retracement level. This level rests on $0.00001663 and is crucial for a reclamation of the 20-day SMA ($0.00001735).

Once SHIB towers above the 20-day SMA, its short to mid-term momentum is likely to shift from bearish to bullish. If bulls receive a sufficient push from the sustained buying pressure, Shiba Inu will aim for Fib. 0.382, currently aligned at $0.00001911. This level is pivotal for a pump above the psychological $0.00002 threshold.

However, the $0.000015 to $0.000019 price range is likely to mount the fiercest roadblock to the recovery campaign. IntoTheBlock’s GIOM metric confirms that this level features a supply wall with over 437.32 trillion SHIB. This represents the largest volume for any resistance level on Shiba Inu’s path to recovery.

Shiba Inu Robust Resistance
Shiba Inu Robust Resistance | IntoTheBlock

Following a breach of $0.000019, there is likely to be minimal resistance. However, with the upper Bollinger Band resting on $0.00002042, Shiba Inu might have trouble breaking above here.

On the flip side, bulls need to ensure they hold their ground against any steeper drops. The overall crypto market would play a vital role in the next direction amid Bitcoin’s volatility. Bulls need to defend the $0.00001262 level fiercely to hedge against steeper drops. The 155.9 trillion SHIB support at $0.00001 could be instrumental in this defense.

Shiba Inu Robust Support
Shiba Inu Robust Support | IntoTheBlock

Shiba Inu Lead Hides Identity Again, Appears in Public with The Mask

Lele Jima
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0
Shiba Inu Lead Hides Identity Again, Appears in Public with The Mask

Shytoshi Kusama, the pseudonymous Shiba Inu lead developer, continues to conceal his true identity despite attending a Web3 conference in Japan.

The development occurred today at the Infinity Venture Summit (IVS), which is currently being held in Kyoto, Japan. 

Kusama made his first public appearance hours after disclosing that he would be at the IVS’ Shiba Inu for a meet-and-greet with Shiba Inu enthusiasts. Interestingly, the Shiba Inu lead developer kept to his word by attending the event in person. 

His Identity Remains Concealed 

However, he attended the IVS conference in a masked costume, concealing his identity from the public. Videos and pictures of the masked Kusama have gone viral within the Shiba Inu community. 

According to clips from Japan-based SHIB community member Kuro, attendees of the conference exchanged pleasantries with Kusama during the meet-and-greet session at Shiba Inu’s dedicated booth. 

Also, WeCreate3, a Web3 student community in Japan, shared footage of their brief meeting with Kusama. They revealed plans to collaborate with Shiba Inu in the future. 

Community Fumes at Kusama’s Anonymous Persona 

Expectedly, Kusama’s public outing at the IVS conference elicited mixed reactions among crypto enthusiasts. While some commended Kusama for attending the event in person, others fumed at his continuous efforts to hide behind a mask. Consequently, they suggested that SHIB enthusiasts at the venue should take the mask off him.  

At the moment, the real identity behind Kusama remains unknown. For context, Shiba Inu was launched in August 2022 by an anonymous developer or group of developers who goes by the pseudonym ‘Ryoshi.’ 

The pseudonymous founder oversaw Shiba Inu’s operation for nearly two years until his surprising exit in 2022. Afterward, Kusama and his team took up the baton and has led the project’s ecosystem development ever since. It bears mentioning that Shytoshi and his team are overseeing the Shiba Inu ecosystem. Shiba Inu as a token remains independent and free of any central authority.

Despite Shiba Inu’s successes under his leadership, he has concealed his real identity away from the public, attributing this decision to his ‘shy and quiet’ demeanor. Earlier this week, he said the moment has come for him to change this nature to become more assertive in promoting Web3. 

Mt. Gox Starts Repayments, Transfers 47,229 BTC as Bitcoin drops 6.87%

Mark Brennan
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Mt. Gox Starts Repayments, Transfers 47,229 BTC as Bitcoin drops 6.87%

Bitcoin price reacts with a massive 6.87% drop, as bankrupt exchange Mt. Gox starts creditor repayments, moving 47,229 BTC in a first transaction.

Mt. Gox, the infamous Bitcoin exchange that collapsed in 2014, has begun the process of repaying its creditors. This move has coincided with a sharp decline in Bitcoin prices, reflecting the market’s response to the long-awaited resolution of one of the industry’s most notable bankruptcies.

Bitcoin plummeted below $56,000, marking a 24-hour drop of 6.87% during this press. Ethereum also experienced a significant decline, falling below $3,000 with a 24-hour drop of 9.66%. 

This market turbulence has been exacerbated by a total liquidation of $576 million within the last 24 hours, with long positions accounting for a substantial $499 million of this liquidation.

Mt. Gox’s Creditor Repayment Process

Mt. Gox’s rehabilitation trustee, Nobuaki Kobayashi, announced on July 5, 2024, that repayments in Bitcoin and Bitcoin Cash had commenced to some creditors. 

However, the full repayment process is contingent upon several conditions, including the confirmation of registered accounts and the completion of discussions with designated cryptocurrency exchanges.

Bitcoin Transfers and Market Impact

The announcement was accompanied by significant Bitcoin transfers. At 08:27 UTC+8, Mt. Gox moved 47,229 BTC, worth approximately $2.71 billion, to an unknown address.

Additionally, 2,701.78 BTC (about $155 million) was transferred back to Mt. Gox’s address. Following these transfers, Mt. Gox’s address, 1JbezD…KLAPs6, moved 1,157.1 BTC ($63.57 million) to another new address at 12:19 UTC+8, and 1,544.67 BTC ($84.87 million) was sent to the Bitbank hot wallet via 1PKGGM…iszwzV.

Notably, in the past 24 hours, 236,365 traders were liquidated, with the total liquidations amounting to $685.23 million. The largest single liquidation order, valued at $18.48M, occurred on Binance.

Repayment Timeline and Market Expectations

Initially scheduled for October 2023, the final repayment deadline was extended to October 2024. This delay had led to increased speculation and uncertainty among creditors and market participants. 

The cryptocurrency market is bracing for the events of October 2024, with the Base Repayment, Early Lump-Sum Repayment, and Intermediate Repayment scheduled for that month.

The defunct exchange Mt. Gox had transferred a staggering amount of Bitcoin to the current cold wallet, totaling over 140,000 tokens valued at more than $9.5 billion in May. This massive transfer, which occurred in a series of quick succession, raised significant concerns of a dump.

$1 Trillion Can’t Rival XRP Unmatched Utility: Top Researcher

Abdulkarim Abdulwahab
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0
$1 Trillion Can’t Rival XRP Unmatched Utility: Top Researcher

Rob Cunningham, a researcher and host of the Kuwl Show, boldly asserts that the inherent utility of XRP is immune to any enormous external financial attempts to undermine it.

XRP Utility Immune to External Forces

In a recent post on X, Cunningham voiced the audacious sentiment that expending as much as $1 trillion cannot negate or invalidate the value proposition of XRP. According to him, XRP’s unique value propositions are akin to fundamental principles like truth, law, and mathematics that cannot change by even the largest financial sums.

Cunningham explained that XRP significantly reduces global payment friction, fraud, fees, and foreign exchange costs. In addition to solving these, it addresses the inefficiencies of nostro/vostro accounts with its rapid 3-5 second settlement times. 

The researcher believes these features highlight XRP’s ability to revolutionize the global financial system, but resistant forces can only do so much about it.

XRP’s Robust Technology Will Drive Long-term Value

Cunningham says no other financial system or digital asset comes close to matching the level of utility offered by XRP. He stressed that the true value of XRP lies in its protocol and technology. According to him, as the market recognizes this value, XRP’s price is expected to follow suit.

At press time, XRP trades at $0.3911, down by 12.54% over the past day amid the market-wide bearish pressure.

Cunningham’s insights reinforce the growing recognition of XRP as a transformative force in global finance. Prominent financial institutions like Ripple leverage XRP to accelerate the ease of doing business for global firms, providing instantaneous transactions at reduced costs. 

Financial institutions like JPMorgan have recognized XRP and Ripple as significant players in unlocking the $120 billion value trapped in cross-border payments under the traditional system.

Considering the size of the global payment market that XRP serves, ambitious commentators like Cunningham do not see the asset remaining as low-priced as it is today. 

More conservative voices hope for a value between $5 and $10. Meanwhile, some others anticipate a future where XRP could be worth as much as $10,000, even though such a prospect is unlikely.

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