- Limewire added XRP as a payment option after community request.
- Despite the price drop, investors remained optimistic about the future performance of XRP.
Limewire made a dramatic announcement on May 6 via its Twitter platform, which resulted in Ripple [XRP] added as a payment option.
Read Ripple [XRP] Price Prediction 2023-24
The XRP community stands for Limewire
On May 6, Limewire reached out to the Ripple community with a bold request. They requested 300 retweets to integrate XRP as a payment option for their token sales.
Calling him @Ripple community today! ☎️
— LimeWire (@limewire) May 6, 2023
The response from the XRP community exceeded expectations, with over 1,800 retweets at the time of this writing. Limewire followed up with a message announcing that XRP had been officially added as a token for their public token sales.
— LimeWire (@limewire) May 7, 2023
This decision reflects the successful integration of Cardano [ADA] following a similar appeal to their community, which elicited an enthusiastic response.
XRP falls again
Despite the exciting integration of XRP on Limewire, the cryptocurrency was facing a downtrend according to its daily timeframe chart. For three consecutive days, XRP has been declining, resulting in a total loss of almost 7%.
What is worrying is that the losses of each day were greater than the day before. At the time of writing, XRP was trading at around $0.43, reflecting a loss of almost 4%.
The price moved below the short moving average (represented by the yellow line), which also acted as a resistance level around the $0.48 price range. Unfortunately, XRP had not recovered from the downtrend it entered in April.
This was evident in the Relative Strength Index (RSI), which indicated that XRP was still below the neutral line and exhibited a downward trend.
Investors remain optimistic
Despite XRP's downward trajectory, investor sentiment has remained surprisingly bullish for the token. According to data from Coinglass, XRP had a positive funding rate at the time of writing. This indicated that investors were optimistic and expected the price of the token to rise.
Additionally, Santiment's 30-day market value to realized value (MVRV) ratio for XRP stood at around -3.3% at press time. This figure meant that the token was undervalued compared to its historical market value, suggesting the potential for future price appreciation.
Realistic or not, here is the XRP market cap in terms of BTC
While the recent development did not have an immediate positive impact on XRP's price trend, it did highlight the token's continued integration across various platforms, despite its ongoing legal battle with the Securities and Exchange Commission. (SEC) of the United States.
The outcome of the court case remained uncertain and there was no clear indication of when it would end. Nevertheless, XRP was starting to see more positive interactions in the industry.