Ripple CEO Brad Garlinghouse has reaffirmed the company’s commitment to XRP, saying it will remain its top priority. His remarks come amid a notable decline in XRP holders’ profitability, as Glassnode data show that most holders have been panic-selling. At press time, XRP was trading at $1.40, up 0.8% in 24 hours.
Ripple CEO Says XRP is Top Priority
In an X post, Garlinghouse stated, “XRP family has and always will be top of mind for Ripple.” His post was in response to an X user who noted that the company had integrated XRP as a bridge asset amid the growing adoption of the XRP Ledger platform.
As ZyCrypto reported, Ripple recently launched an institutional DeFi roadmap seeking to make the XRP token available for on-chain credit and global payments. In this roadmap, Ripple also mentioned the need to achieve regulatory compliance and conduct various network upgrades.
Garlinghouse’s remarks have drawn interest from the XRP community, with pro-XRP lawyer Fred Rispoli stating that the only way for the executive to demonstrate his commitment is through action, not words. Some also noted that a surge in the XRP price could also show this commitment.
Nevertheless, Ripple’s adoption has continued making headlines recently, following a partnership with Zand Bank for stablecoin integration on XRP Ledger.
Glassnode Report Reveals Dwindling XRP Profitability
In an X post, the on-chain analytics platform Glassnode reported that XRP holders’ profitability has dropped considerably. It noted that XRP had lost its aggregate holder cost basis, triggering a sudden surge in panic selling by holders.
The post noted that the 7-day EMA on XRP’s Spent Output Profit Ratio (SOPR) has dropped from 1.16 to 0.96. It shows that traders are now selling their tokens at a loss, which often signals capitulation among short-term holders.
(XRP SOPR Ratio/ Source: Glassnode)Glassnode also noted that this was not the first time XRP had experienced such a significant drop in profitability. It noted that between September 2021 and May 2022, this metric also fell below 1 amid widespread market losses. The token later entered a prolonged consolidation phase before the price stabilized.
Looking at past data, XRP tends to rebound shortly after the SOPR ratio falls below 1, and if history rhymes, an uptrend could be imminent.
Source: https://zycrypto.com/ripple-ceo-says-xrp-will-always-be-top-priority-as-panic-selling-surges/
