Brad Garlinghouse, the CEO of Ripple, has emphasized the importance of considering real-world utility when investing in cryptocurrencies. He has urged investors to look beyond the narrative of “crypto is back” and focus on the practical applications of digital assets. This comes as Ripple-backed XRP has experienced a bullish breakout following Bitcoin’s surge past $72,000 for the first time.
The global cryptocurrency market cap has reached over $2.8 trillion, fueled by the growing adoption of web3 protocols and institutional investors embracing digital assets. This increased liquidity in the crypto market is expected to have a significant positive impact on altcoins in the coming months.
Despite facing the SEC vs Ripple lawsuit, which is scheduled for a civil trial in the second quarter of 2024, XRP has maintained a bullish outlook. Market data shows that XRP has a fully diluted valuation of around $69 billion and an average daily trading volume of $7 billion.
Ripple, a web3-focused company that has been in existence for nearly a decade, has invested over $100 million in its fight against the SEC to prevent XRP from being classified as a security. Garlinghouse believes that investors should prioritize real-world utility when navigating the crypto market. He also predicts that the broader crypto market will follow Bitcoin’s lead in a bullish breakout once spot ETFs are approved in the United States and the halving event takes place.
Ripple has made significant investments to ensure that XRP plays a crucial role in real-world utility through the XRPL smart contracts. The XRPL is set to become a hub for tokenizing real-world assets (RWAs) following a strategic partnership between Ripple and the Axelar network.
The on-chain activity of XRP has surged alongside the adoption of Ripple’s On-Demand Liquidity (ODL), which enables seamless cross-border payments by reputable financial institutions. On Tuesday, more than $40 million worth of XRP was transferred from various crypto exchanges to unknown wallet addresses.
Following Bitcoin’s price spike above $72,000, XRP has successfully broken out of a macro-falling logarithmic trend. The latest market data shows that XRP’s price has increased by over 10% in the past 24 hours and is currently trading around 69 cents. After successfully retesting the macro breakout in the past three weeks, XRP’s price is aiming to rally above $1 and potentially reach $1.9, which was the peak of the 2021 bull rally. With increased XRPL activity, XRP’s price is expected to continue its bullish trend in preparation for a parabolic rally in the coming months.