XRP Price Decline To $0.40; Can The Ripple’s New Try It Feature Change That?
Ripple has been adding new partnerships and upgrades to the network to back up its native token, XRP. But despite the efforts, the Ripple Vs. SEC case is putting the heaviest strain on the XRP price, retaining it from recovery. However, the condition worsens as the crypto market is in a serious fall, impacting the performance of every single cryptocurrency. Amid this, Ripple announced the Try It feature, which is a hope for any possible recovery for the XRP price.
In this blog, let us discuss how XRP is performing in the market and whether this new feature can have any positive impact or not.
Analyzing The XRP Price Performance
XRP has been struggling since the launch, where the charts barely moved for the three years before its first peak in 2017. At that time, the price surged to $0.3532 before creating an all-time high of $3.84 at the beginning of 2018. For the next few years, it barely moved but finally made another significant peak at $1.6155 in May 2021. And the fall began again, which is continuing this now.
In XRP’s story, there are two main factors for declining its value to such lows. The COVID-19 outbreak was the first hit at the XRP price, soon followed by the Ripple vs SEC legal battle, which is still in process. With these, XRP was trading between an average of $0.5-$0.7.
But with the ongoing market conditions, XRP price has declined to the current of $0.4032 after facing a 12% drop in the last 24 hours and 15% over the week. The current low was last seen more than a year ago, when the market was bearish, and the same conditions have returned, hinting at the possibility of higher declines.
Will XRP Price Recover With Try It Feature?
Ripple introduced the “Try It” on June 3 through an X post explaining it as a part of their Payment API, Report Service API, and other API services. This will allow developers to test the API request in real time without using any real money and logging in. For now, it is available for the users to try without buying, making it a significant growth in the developer’s interaction with API.
Our new “Try It” feature in the Ripple Payments API documentation lets developers test API requests in real-time without logging in or using real funds. Available now as a lightweight testing tool, customers can “try it before they buy it”!
Learn more: https://t.co/rRjynYhuix
— Ripple (@Ripple) July 3, 2024
It offers multiple features as it is created to offer real-time responses from a live server behavior mixed with the mock server. With this, the developers can share the Simulated API to retrieve instant feedback.
For now, the XRP price did not have any immediate effect with this new feature, as it declined following the market sentiments. Per the fear and greed index, the market sentiment has plunged to the fear zone at 38, which is the declining market conditions. As a result, the sellers dominate the market, causing a continuous price drop, and the same goes for XRP. However, in the long run, this will aid in increasing the demand for the network as well as the token.
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