$XRP

XRP's recent market movements have been quite bizarre, with prices hovering around $0.5, resembling a manipulated puppet on strings. Although Ripple won the lawsuit against the SEC, the reality is that more and more exchanges are quietly delisting this 'victorious token.' Ironically, while everyone is celebrating the legal victory, on-chain data shows that XRP's actual usage has plummeted by 40% over the past year, with its traditional cross-border payments business being eroded by USDC and the Lightning Network.

Institutional operations are becoming increasingly confusing, as Ripple sells off hundreds of millions of XRP every month while simultaneously spending money to sponsor various payment conferences. Even more cleverly, those banks that claim to adopt XRP are actually secretly building private chains. Now the entire market is waiting for the next catalyst—possibly rumors of Ripple's IPO, or the SEC's appeal ruling. But looking at the derivatives market, it's clear that major players do not believe this story; XRP's futures open interest has already dropped to a three-year low.