Ripple XRP outperforms top 10 assets with a notable 15% surge to 4-month high Ripple XRP outperforms top 10 assets with a notable 15% surge to 4-month high
Ripple CEOBrad Garlinghouse said this current bull market run must be matched with 'real-world utility.'
2 min read
Updated: Mar. 12, 2024 at 12:49 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ripple’s XRP token is the best-performing top 10 digital asset, according to CryptoSlate’s top gainers list for today, Mar. 12.
According to data, XRP saw a significant 15% spike in its price over the last 24 hours, reaching $0.7016. This marks its highest level since November 2023, a period when speculations swirled around a potential BlackRock XRP exchange-traded fund (ETF) application.
Interestingly, the price gain was met with a more than 250% growth in its daily trading volume, which stood at $7.5 billion as of press time.
XRP’s upward price movement follows a recent broader market rally that propelled Bitcoin’s value to a new all-time high of more than $72,000.
However, the market is enjoying a breather presently, with major cryptocurrencies like Bitcoin, Ethereum, BNB, Cardano, and Solana posting modest gains of less than 1% each during the past day.
‘Lottery ticket’
Ripple’s Chief Technology Officer David Schwartz addressed investors’ expectations regarding XRP’s value, emphasizing its nature as a volatile asset rather than a quick-win “lottery ticket.”
He said:
“I think of [XRP], like most cryptos, as an asset with high volatility that holders hope trends upwards over time. I don’t think of it as much as a lottery ticket with a chance of a sudden large increase, though there’s certainly some truth to that.
Schwartz shared a chart illustrating Bitcoin’s steady price increase over time to support his argument. He added:
“I realize that in the moment of a bull or bear market, it doesn’t feel like long-term gradual appreciation. And there’s no guarantee that this is how any particular asset will look over the future.”
‘Real-world utility’
Meanwhile, Ripple CEO Brad Garlinghouse emphasized that the current bull market must “go hand in hand with real-world utility.”
Garlinghouse noted that the current market run was being pushed by the introduction of multiple Bitcoin exchange-traded funds (ETFs) in the US and the optimism surrounding the forthcoming halving event.
According to him:
“BTC ETF volumes have been soaring, we’re due for a halving and the broader crypto market is following BTC’s lead (as has historically been the case).”
However, he highlighted the industry’s need to match the ongoing bullishness with real-world utility, which would result in a “real (and inevitable) march of progress.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Bitcoin
$97,517.38
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,304.78
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$242.963
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Cardano
$0.79844
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Brad Garlinghouse stands at the forefront of financial technology as the CEO of Ripple.
David Schwartz holds the pivotal role of Chief Technology Officer at Ripple, where he has been instrumental in shaping the technological framework of the company.