Gate News, March 23 — XRP (XRP) dropped 3.74% today to $1.39, down about 62% from its all-time high of $3.65 in July 2025. Open interest has fallen 75% from its peak, with leverage positions continuing to be liquidated. This adjustment is related to macroeconomic pressures such as the US-Iran war, soaring oil prices, and weakening Fed rate cut expectations, which have dragged down overall risk assets.
Senior family office expert Jake Claver pointed out that each bank launching a stablecoin creates a new monetary system, and these currencies need to interconnect. This fragmentation is not a competition for XRP but aligns with Ripple’s original goal of solving cross-chain interoperability. The emergence of more isolated liquidity pools actually increases the potential demand for XRP as a neutral bridging asset. Black Swan Capitalist founder Versan Aljarrah stated that XRP holders are leveraging new payment system infrastructure to participate early in the financial system reset.
Despite the price pressure on XRP and the lack of market confidence shown by open interest, institutional infrastructure continues to expand. Evernorth Holdings filed an S-4 on March 18, planning to go public via a SPAC merger with Armada Acquisition Corp. II. They hold about 473 million XRP, worth approximately $685 million, with supporters including Ripple, SBI Holdings, and Pantera Capital. This indicates that XRP still has room for deployment within banks and financial institutions, relatively independent of price fluctuations.
Analyst Xaif Crypto said that whether the fragmentation theory of stablecoins can translate into measurable on-chain demand remains uncertain, but the market is generally watching the gap between falling prices and infrastructure expansion. In the coming months, this divergence could become a key focus for XRP investors and analysts, influencing its short-term price movements and institutional adoption rate.
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