Quick Read

• XRP and Ethereum are each down about 20% over the past month, but the drop is a market-wide reaction to Bitcoin sliding below $60,000.

• Ethereum’s recovery depends on its own usage, with about $37.6 billion locked in its apps and roughly $155 billion in stablecoins on the network, close to half of all stablecoins in existence.

• XRP could bounce more because it’s about a third of Ethereum’s size, but its rebound leans on catalysts like its ETFs and the CLARITY Act.

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The crypto market has slipped again over the past month, and two of the most-watched coins have…