XRP price slides back into bearish territory after failed recovery attempt XRP might rapidly move toward $1 due to the rapid retrace in the last 24 hours. Market action. XRP has erased most of its early-week gains, dropping over 2.5% in the past 24 hours to trade around $2.1842. Following indications of a recovery earlier in the week, XRP has gone back into bearish territory, wiping out most of its brief gains and escalating concerns about a more significant decline. XRP experienced a significant reversal over the past day, plunging more than 2.5% and slipping below significant technical levels that had previously provided some hope of stability. As of press time, XRP is trading at about $2.1842, unable to hold above its short-term support level. Market sentiment. Selling pressure has intensified across the broader crypto market. After a failed attempt at a recovery above $2.60, the bearish reversal occurred with growing selling pressure controlling the larger cryptocurrency market. That level of price rejection, which is close to the 50-day moving average (orange line), indicates that bears are getting ready for another leg down, and bulls are quickly losing control. Ripple CTO Clarifies Role in New XRP Treasury Firm Evernorth Ripple CTO breaks his silence on his role in new $1 billion XRP treasury firm Evernorth. Background. Evernorth, a new XRP-focused treasury vehicle, has announced plans to raise over $1 billion via a Nasdaq listing. Ripple’s chief technology specialist, David Schwartz, has broken his silence on speculation around his involvement with Evernorth, a newly launched XRP treasury vehicle that just announced plans to raise over $1 billion through a Nasdaq listing. The firm, created via a merger with Armada Acquisition Corp II, is designed to operate like Strategy, but for XRP, absorbing supply from the open market and positioning itself as a long-term holder of the cryptocurrency. Schwartz’s statement. The Ripple CTO emphasized that his advisory role will be limited in scope and time. The announcement, of course, created immediate buzz, as it was framed that Schwartz will "join" the project. However, within hours, the current Ripple CTO pushed back, clarifying that while he will advise the venture, he is not signing onto any arrangement that would consume his calendar beyond this year. Bitcoin poised for its largest gain since April as gold falters Gold is getting pummeled while Bitcoin is finally catching a bid following a streak of underwhelming price performance. Market performance. Bitcoin is on pace to record its biggest gain since April 22, when the BTC/XAUT pair jumped 11%. Bitcoin is currently on track to secure its biggest gain since April. On Apr. 22, the BTC/XAUT pair surged by 11% on the exchange, but Bitcoin bulls still have enough time to top these gains. Gold has had a massive run this year, substantially outperforming both US equities and Bitcoin. However, things took a sudden turn for the worse on Tuesday for bulls, with both the prices of gold and silver recording their biggest intraday drops in years, Axios reports. Some believe that the trade has now become too crowded after a video of people lining up to buy physical gold bars and coins in Sydney, Australia, went live on the X social media network.