Ripple CEO Brad Garlinghouse recently reiterated the importance of real-world utility in the crypto scene amid the euphoria triggered by XRP’s 20% spike above $0.74.
Despite the market-wide uptrend, XRP has performed below expectations, trading underneath $0.70 while other assets record double-digit gains. Before now, the asset’s highest price was $0.6685 on March 5, the day Bitcoin (BTC) first breached the previous cycle’s ATH.
Following the surge to $0.6685, XRP saw a massive 8% collapse below $0.60. However, amid the escalating concerns, the cryptocurrency witnessed a golden cross on the daily timeframe, with the 50-day EMA pushing above the 200-day EMA.
XRP Records 20% Spike in 4 Hours
XRP did not immediately feel the impact of this cross, as it consolidated from March 6 to 10. However, its breakthrough came up yesterday, with the crypto asset recently registering a solo upsurge and breaching multiple resistance levels.
The asset rallied from $0.6177 yesterday at 14:00 (UTC) to a new yearly high of $0.7440 at 18:00 (UTC). This impressive run marked a massive 20.4% increase in just four hours. Despite facing opposition at the $0.74 level, XRP held above $0.70 until earlier this morning.
While the crypto token has now corrected some of the gains picked up last night, it retains a 13.7% surge over the last 24 hours, making it the fourth largest gainer among the top 100 assets. Moreover, at its current value of $0.6952, XRP is still trading at a high last witnessed in December 2023.
Ripple CEO Speaks Real-World Utility
The sudden price surge has expectedly sparked investor optimism, with a sudden burst of enthusiasm recorded in the community. Amid the euphoria, Ripple CEO Brad Garlinghouse commented on the recent trend within the broader market.
In a post on X, which came up a few minutes after XRP hit the $0.7440 yearly high, Garlinghouse spotlighted the growing surge in volume witnessed with the spot Bitcoin ETF products. Notably, Bloomberg’s Eric Balchunas disclosed on March 5 that the ETFs crossed $10 billion in volume, setting a new record.
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). As someone who has experienced multiple cycles of “crypto is back” it’s imperative this bullishness go hand in hand with…
— Brad Garlinghouse (@bgarlinghouse) March 11, 2024
The Ripple CEO also called attention to the upcoming halving slated for next month. He emphasized that Bitcoin has triggered an uptrend in the broader crypto market amid its recent gains, with altcoins following its lead. Recall that BTC set a new record high above $72,000 yesterday.
However, Garlinghouse noted that the ensuing euphoria from the market run is accompanied by real-world utility. Ripple has continued to champion this narrative as it leverages the XRP Ledger to address real-world issues, especially in the payments sector.
According to Garlinghouse, the crypto industry would only record a push toward progress if real-world use cases accompany the uptrend. Meanwhile, XRP has continued to command interest amid the recent surge, with volume up 310% over the last 24 hours to $7.2 billion.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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