As the crypto market steadily progresses towards the highly anticipated bull market, Brad Garlinghouse, the Chief Executive Officer (CEO) of Ripple has revealed that the success of cryptocurrencies such as XRP during the market’s present bullish cycle hinges on their real-world applications and utility.
Ripple CEO Reveals Strategy For XRP Success
On Monday, March 11, Garlinghouse took to X (formerly Twitter) to outline XRP’s winning strategy to success. Highlighting the significant developments within the crypto landscape that have triggered the upcoming 2024 bull run, Garlinghouse disclosed the importance of utility in driving a cryptocurrency’s progress.
The Ripple CEO revealed that the soaring volumes of the Spot Bitcoin Exchange Traded Funds (ETFs) and the anticipation of the Bitcoin halving event have contributed to the emergence of a bullish cycle in 2024. He also underscored the crucial relationship between Bitcoin’s performance and the broader market, citing a consistent historical correlation where fluctuations in Bitcoin’s price have significantly impacted the performance of other cryptocurrencies in the space.
According to Garlinghouse, a cryptocurrency’s success will not only be attributed to the market’s bullish events but primarily to tangible real-world utility. He emphasized that a cryptocurrency’s true march of progress can only be achieved by its ability to translate market enthusiasm into practical applications.
In light of this viewpoint, XRP distinguishes itself among prominent cryptocurrencies in the market by virtue of its exceptional utility and advanced use cases. Serving as a bridge currency, XRP provides financial institutions a cost-effective means to facilitate exchanges between crypto and fiat currencies. Moreover, its functionality extends to enabling cross-border payments for faster and more efficient payment solutions.
Supporting Garlinghouse’s opinions, an XRP advocate and crypto analyst, identified as “JackTheRippler” on X, affirmed XRP’s substantial utility, indicating that the cryptocurrency might emerge as the next Bitcoin should utility be the primary driver of a digital currency’s success in the market.
XRP Price Fundamentals Grows Stronger
After years of stagnant price growth, XRP is finally emerging from bearish trends into what could become a long-term bullish trend to new all-time highs. Potentially attributed to the present bull market frenzy and Bitcoin’s rise to new all-time highs, XRP’s price has been witnessing significant price increases recently.
Earlier in 2023, Garlinghouse was asked in a Bloomberg interview whether he views XRP as the next Bitcoin. Responding to the query, the Ripple CEO revealed that by working with the system to solve real problems, Ripple could unlock a significant amount of opportunities to create value in XRP. According to Ripple’s CEO, XRP is at the core of what Ripple intends to accomplish.
The cryptocurrency has been experiencing a steady rise in its value, with its price trading at $0.69 at the time of writing, reflecting a 12.66% increase over the last seven days, according to CoinMarketCap.
XRP trending at $0.68 | Source: XRPUSDT on Tradingview.com
Featured image from Medium, chart from Tradingview.com