“Damn, will XRP fall again from its current price?”
After seeing a significant climb past $0.93 when Judge Analisa Torres ruled that Ripple (XRP) is not a security, the price rally for the cryptocurrency currently appears to be coming to a halt.
This is because XRP was recently reported to have lost most of its profits when the whales that hold a number of these digital assets began to profit by selling 100 million XRP worth $61.8 million.
Through observation, the supply of addresses holding 100,000 to 1 million XRP has declined from 6.85 billion to 6.75 billion XRP after investors including whales reduced their holdings in the digital asset.
Not only that, the price of XRP also experienced a decline when concerns began to arise among investors about the decision of Judge Torres who only labeled XRP as a non-security in the case of public sales and not institutional sales.
According to Hugo Philion, the founder of Flare Network said that the legal uncertainty surrounding XRP's regulatory status has made it difficult for the digital asset to engage and focus on product development.
He added that XRP, which has wasted a lot of time dealing with regulatory challenges, has lost its focus on advancing cross-border payment solutions and allowing other players to create viable alternatives.
It's already known that XRP's main focus is on cross-border payments, but Philion revealed that multi-stakeholder efforts to explore the XRP Ledger (XRPL) could help diversify the digital asset's utility.
However, the effort needs a long period of time to become a reality after XRP faces various challenges in research, development and market acceptance to advance its ecosystem.
As of this writing, the price of XRP has plunged by 1.54% to $0.62 in the last 24 hours with a market cap of $32 billion further recording a 12.02% decline over the past week.
