After its run with the U.S. Securities and Exchange Commission (SEC), XRP has gained support from adherents and industry players. However, the asset has not retested or even come close to previous all-time highs, and sentiments are mostly mixed.

While some market observers are bearish, others are convinced that XRP is still poised to rally long-term. In a past interview, the CEO of Ripple made notable comments strengthening the bullish outlook.

Spotlighting the significance of XRP in the broader multi-trillion-dollar payment market as a token that facilitates global transfers, Garlinghouse is quoted saying,

“There are investors who are interested in speculating on where XRP is going to go, and to an extent, we are successfully solving a multi-trillion-dollar problem using XRP and integrating XRP into those flows. It’s going to drive a lot of demand for XRP.

Ripple continues to focus on expanding XRP’s utility

Garlinghouse has stressed the importance of pivoting for Ripple as a network. Referring to Amazon’s timeline by noting that the asset historically prioritized books before opening its doors to a wider range of products and essentially solving more problems.

He has further stated that Ripple is focused on solving extremely large problems around the payments and liquidity sector on a global scale.

Additionally, testing the potential use cases for XRP is also essential for the network growth, and Garlinghouse reveals that some of its funding is targeted to that area.

“We are frankly and actively investing in other use cases for XRP. Some of them will be consumer-centric, and some of them will be marketplaces. But those are the things we will partner with or help entrepreneurs build solutions that take advantage of a performant asset relative to other digital assets.” 

He pushed back on criticisms from Jamie Dimon, the CEO of JPMorgan Chase, who has always been bearish on Bitcoin and the broader cryptocurrency market. The Ripple boss explained that the value of an asset lies in its utility. As such, utility is expected to increase the token’s value.

Meanwhile, the new month is already kicking off a bullish start for the altcoin. As Bitcoin continues on an upward trajectory, altcoins are following suit. XRP is one such token which has successfully cleared weekly and daily losses from the previous day. After recording a 12.26% increase in February, XRP is well-positioned to take off in the new month and potentially tap new price levels. At report time, XRP is trading at a press price of $0.65.

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Filed under: Bitcoin - @ March 4, 2024 1:24 pm