Ripple’s XRP token is the best-performing top 10 digital asset, according to CryptoSlate’s 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.
XRP’s upward price movement follows a recent broader market rally that propelled Bitcoin’s 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’
Ripple’s Chief Technology Officer David Schwartz addressed investors’ expectations regarding XRP’s 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 don’t think of it as much as a lottery ticket with a chance of a sudden large increase, though there’s certainly some truth to that.
Schwartz shared a chart illustrating Bitcoin’s steady price increase over time to support his argument. He added:
“I realize that in the moment of a bull or bear market, it doesn’t feel like long-term gradual appreciation. And there’s 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, we’re due for a halving and the broader crypto market is following BTC’s lead (as has historically been the case).”
However, he highlighted the industry’s need to match the ongoing bullishness with real-world utility, which would result in a “real (and inevitable) march of progress.”
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