TVL of Ripple's XRPL don drop by 97%, wey dey raise concern about market stability
Ripple's XRP Ledger (XRPL) don suffer serious drop for di Total Value Locked (TVL) on August 12, 2024, as e drop roughly 97% from more than $12 million to under $300K. Dis unexpected fall no get clear explanation, as some people dey speculate on possible technical wahala or broader market influence. Even though dis drop dey raise concern about XRP market value and ecosystem stability, e worth noting say Ripple dey mainly serve cross-border transactions and no be for DeFi functions. Recent initiatives like US Treasury bills with OpenEden, partnership with Archax, and NFT services from SBI Holdings fit reduce some of di impact, showing im resilience and potential for recovery.
Bearish
Di dramatic 97% drop wey don happen for Total Value Locked (TVL) wey dey for XRP Ledger, e show say dem get serious bearish trend, wey dey raise concern about XRP stability and market value. Dis kind massive drop fit shaake investor confidence and e fit also affect short-term market behavior negatively. But Ripple dey continue partnership and initiative for cross-border transactions wey fit give long-term recovery potential, but short-term outlook still dey pessimistic.