Ripple (XRP) Soars: Key Developments and Market Insights for July 24
Ripple (XRP) Faces Wild Price Swings and CEO Alerts Investors
XRP Experiences Significant Price Fluctuations
In recent days, XRP has dominated headlines in the cryptocurrency world. The digital asset achieved a remarkable new all-time high, eclipsing its previous record set in 2018, reaching approximately $3.65. This surge propelled its market capitalization to around $207 billion, positioning XRP as the third-largest cryptocurrency, surpassing major corporations like Uber, Boeing, and AT&T.
However, the excitement was short-lived. A sudden sell-off occurred on the Korean exchange Upbit, where over 75 million XRP was dumped onto the market. According to crypto analyst Dom, the limited buying interest led to an imbalance, triggering a rapid decline of about 15% within hours. This sharp drop resulted in the liquidation of $90 million in long positions, indicating a significant long squeeze.
As of now, XRP is trading around $3.16, reflecting a daily loss of roughly 5%.
Ripple’s CEO Issues Important Warning to Investors
In light of the recent market turbulence, Ripple’s CEO, Brad Garlinghouse, took the opportunity to caution XRP holders about an increase in scams targeting the community. He highlighted the rise of fraudulent accounts impersonating Ripple, particularly on platforms like YouTube.
“With market success and rallies, scammers intensify their efforts against the crypto community—BE AWARE of the latest scams aimed at the XRP community impersonating our official channels! We will continue to report these incidents—please do the same.”
Scammers often employ tactics that seem too good to be true, attempting to deceive victims. Garlinghouse emphasized that legitimate crypto projects rarely reach out to individuals or conduct unsolicited promotions without prior notice. He urged investors to verify information sources and remain vigilant, reminding them that if an offer seems overly enticing, it may not be genuine.
Notable Growth in XRPL Wallets
In another significant development, the XRP Ledger (XRPL) has reached a milestone with its wallet count hitting 7.2 million, marking the strongest user growth since late 2024. Data from CryptoQuant indicates a consistent rise in wallet creation since mid-last year.
This increase suggests a growing interest and participation in the network. However, it’s worth noting that while the total number of new wallets is on the rise, the rate of growth appears to be slowing, which could indicate a potential decline in market entry activity. While this trend is not immediately alarming, it may suggest a weakening of upward momentum in the market.
This article provides an overview of the latest developments surrounding Ripple (XRP), including its price volatility, warnings from leadership, and user growth on the XRPL.
