Ripple’s CEO, Brad Garlinghouse, has emphasized the importance of considering real-world utility when investing in cryptocurrencies, countering the narrative of “crypto is back.” The Ripple-backed digital asset, XRP, has already shown a bullish breakout following Bitcoin’s climb above $72,000 for the first time. The global cryptocurrency market cap has reached over $2.8 trillion due to the growing adoption of web3 protocols and digital assets by institutional investors. This increased liquidity in the crypto market is expected to greatly benefit altcoins in the coming months.
Despite the ongoing SEC vs Ripple lawsuit, XRP has remained optimistic. The lawsuit is scheduled for a civil trial in the second quarter of 2024. XRP currently has a fully diluted valuation of approximately $69 billion and an average daily trading volume of around $7 billion.
Ripple has become a prominent web3-focused company over the past few years, spending over $100 million to fight against the SEC’s classification of XRP as a security. Garlinghouse emphasized the need for investors to focus on real-world utility when navigating the vast crypto market. He also stated that the broader crypto market will follow Bitcoin’s bullish breakout once spot ETFs are approved in the United States and the halving event takes place.
Ripple has invested heavily in ensuring that XRP plays a significant role in real-world utility through the XRPL smart contracts. The XRPL will soon become a hub for tokenizing real-world assets (RWA) following the strategic partnership between Ripple and the Axelar network.
The on-chain activity of XRP has increased significantly due to its use in facilitating seamless cross-border payments by reputable financial institutions, particularly with the adoption of Ripple’s On-Demand Liquidity (ODL). On Tuesday, over $40 million worth of XRP was transferred from various crypto exchanges to unknown wallet addresses.
Following Bitcoin’s recent price spike above $72,000, XRP has successfully broken out of a macro-falling logarithmic trend. The current market data shows that the price of XRP has increased by over 10% in the past 24 hours, trading around 69 cents during the London session on Tuesday.
After successfully retesting the macro breakout in the past three weeks, the price of XRP is now aiming to rally above $1 and reach $1.9, the peak of the 2021 bull rally. With increased XRPL activity, XRP is expected to maintain a bullish outlook and prepare for a parabolic rally in the coming months.