XRP Ledger hard fork debate grows as David Schwartz explains XRPL upgrades before the 3.1.3 fix amendment activates on May 27.
XRP has remained in the spotlight since its recent price surge, fueled by its continued network growth and adoption. The asset has extended this momentum to the real-world assets market.
As traders closely monitor whether the asset is getting ready for a wider recovery phase, XRP activity on the XRP Ledger has increased once more, with over 250 million XRP moving across the network in a single day. According to recent XRP Ledger data, payment volume surpassed 407 million XRP in a single day, and active user metrics are still relatively high when compared to prior months.
With XRP largely remaining bearish, a trading expert has pointed out that technical indicators suggest that if the losses continue, the asset might drop toward the $1 zone.
XRP, the native token of the XRP Ledger (XRPL), has experienced a volatility vacuum due to a complete unwind of derivatives leverage and a sharp cooling in on-chain activity.
Evernorth alludes to XRP's role as bank settlement infrastructure alongside Mastercard, JPMorgan, and Ondo Finance in a recent landmark cross-institutional blockchain transaction.
Interestingly, crypto funds saw over $1bn in outflows last week.
Banking behemoth Goldman Sachs Group, Inc. (NYSE:GS ) sold all its Solana (CRYPTO: SOL) and XRP (CRYPTO: ETF) exchange-traded fund holdings in the first quarter, according to its latest 13F filing released Friday. Major Altcoin Positions Dumped Goldman Sachs liquidated its position in Bitwise XRP ETF (NYSE:XRP), Franklin XRP ETF (NYSE:XRPZ), 21Shares XRP ETF (BATS:TOXR) and Grayscale XRP Trust ETF (NYSE:GXRP), all of which it had acquired only in the previous quarter.
XRP price extended losses and traded below $1.420. The price is now consolidating losses and faces hurdles near $1.40 and $1.4350.
XRP's latest move may be more than just a price breakout.
XRP is experiencing increased price pressure, mirroring the broader crypto market's drop, with the token falling 6% over the past week. This pullback has forced XRP to lose the $1.40 support level for now.
On Monday, Ripple Chief Technology Officer Emeritus David Schwartz acknowledged that the XRP Ledger has had more "technical hard forks" than most established public blockchains.