Ripple CTO Emeritus David Schwartz shared a candid response on X about the XRP price with respect to the broader crypto market.
An X user had asked whether the price of XRP was making him feel depressed. Schwartz admitted that he felt “a little” down about it but clarified that his feelings were not limited to XRP alone: “The whole crypto market makes me sad sometimes. Anyone know why?”
The former Ripple CTO, one of the original architects of the XRP Ledger, frequently interacts with the crypto community on social media. Thus, his response on X seems to reflect broader market sentiment rather than XRP specifically.
The crypto market has seen continued sell-off since October, when nearly $20 billion in leveraged bets were liquidated.
Altcoins, including XRP, are struggling within the crypto market, and even more so since the Oct. 10 event. According to CryptoQuant, 38% of altcoins are near all-time lows, with the recent drop worse than the post-FTX period.
Currently, liquidity on the market remains thin, with cautious sentiment dominating. During dull and bearish market phases, even long-time participants might feel disappointed with overall market behavior, so the response from the former Ripple CTO might not be far off.
XRP hourly golden cross emerges
In a positive twist to XRP price action, a golden cross has emerged on the XRP price chart for the first time in weeks.
The hourly MA 50 has crossed above the MA 200, producing a “golden cross.” The last time this signal appeared on the XRP hourly chart was in late February, which was quickly overruled by a death cross.
At the time of writing, XRP was down 2.73% in the last 24 hours to $1.44, as the broader market extended its recovery from Wednesday.
Economic data had eased inflation concerns on the markets, though the recovery looked tentative, with U.S. and European futures edging lower Thursday morning.
On the economic data front, investors are awaiting weekly jobless claims on Thursday and looking ahead to February’s nonfarm payrolls report on Friday.
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