Ripple XRP outperforms top 10 assets with a notable 15% surge to 4-month high
Ripples XRP token is the best-performing top 10 digital asset, according to CryptoSlates 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.
XRPs upward price movement follows a recent broader market rally that propelled Bitcoins 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
Ripples Chief Technology Officer David Schwartz addressed investors expectations regarding XRPs 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 dont think of it as much as a lottery ticket with a chance of a sudden large increase, though theres certainly some truth to that.
Schwartz shared a chart illustrating Bitcoins steady price increase over time to support his argument. He added:
I realize that in the moment of a bull or bear market, it doesnt feel like long-term gradual appreciation. And theres 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, were due for a halving and the broader crypto market is following BTCs lead (as has historically been the case).
However, he highlighted the industrys need to match the ongoing bullishness with real-world utility, which would result in a real (and inevitable) march of progress.
The post Ripple XRP outperforms top 10 assets with a notable 15% surge to 4-month high appeared first on CryptoSlate.
Text source: CryptoSlate
