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- Ripple’s Brad Garlinghouse has reminded investors to follow real-world utility while investing through the narrative of ‘crypto is back’.
- Ripple-backed XRP has already signaled a bullish breakout after Bitcoin scaled beyond $72k for the first time on Monday.
The global cryptocurrency market cap has rallied to over $2.8 trillion fueled by the mass adoption of web3 protocols and digital assets by institutional investors. The altcoin market stands to significantly benefit from the increased crypto liquidity in the coming months.
Ripple-backed XRP has continued to show a bullish outlook despite the impact of the SEC vs Ripple lawsuit, which is slated for a civil trial in the second quarter of 2024. According to the latest market data, XRP has a fully diluted valuation of about $69 billion and an average daily trading volume of around $7 billion.
Ripple CEO on Crypto Adoption and Utility
Having existed for almost a decade, Ripple has grown into a major web3-focused company in the past few years. To put the figures in context, Ripple has used more than $100 million to fight the United States Securities and Exchange Commission (SEC) in order to have XRP not classified as a security.
According to Ripple CEO, Brad Garlinghouse, whose charges were recently dropped by the US SEC, investors should remember to focus on real-world utility while navigating the vast crypto market. Furthermore, Garlinghouse noted that the broader crypto market will gradually follow Bitcoin in a bullish breakout following the approval of the spot ETFs in the United States and the upcoming halving event.
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
Already, Ripple has heavily invested in ensuring XRP plays a crucial role in real-world utility through the XRPL smart contracts. As Crypto News Flash had earlier reported, the XRPL will soon become a hub for real-world asset (RWA) tokenization following the strategic partnership between Ripple and the Axelar network.
XRPL Registers Heightened Whale Activity
With XRP used to enable seamless cross-border payments by reputable financial institutions, its on-chain activity has significantly spiked in tandem with the adoption of Ripple’s On-Demand Liquidity (ODL). According to on-chain data analysis, more than $40 million worth of XRP were transferred from different crypto exchanges – including Binance, and Bitstamp – to unknown wallet addresses on Tuesday.
🚨 20,321,625 #XRP (14,813,567 USD) transferred from #Binance to unknown wallethttps://t.co/4WrGqiGuyX
— Whale Alert (@whale_alert) March 11, 2024
As Crypto News Flash recently reported, crypto whales have accelerated their XRP accumulation after withdrawing coins worth more than $300 million from Binance earlier this month.
XRP Price Eyes New ATH
Following the recent Bitcoin price spike above $72k on Monday, Ripple-backed XRP has successfully broken out of a macro-falling logarithmic trend. According to the latest market data, XRP price is up more than 10 percent in the past 24 hours to trade around 69 cents on Tuesday during the London session.
After a successful retest of the macro breakout in the past three weeks, XRP price is now aiming to rally above $1 on its way to $1.9, which was the peak for the 2021 bull rally. Backed by increased XRPL activity, XRP price is likely to continue on a bullish outlook in preparation for a parabolic rally in the coming months.
