XRP Surges Towards 2017 Highs Amidst Crypto Comeback

XRP Leads Crypto Comeback With Rally Toward 2017 Highs As Brad Garlinghouse Calls for Federal Altcoin Reserves

Ripple's XRP has staged a remarkable comeback, surging towards its 2017 highs amidst a broader market selloff triggered by the release of DeepSeek, a low-cost Chinese artificial intelligence model. XRP plummeted from a Sunday high of $3.14 to a Monday low of $2.75 but has since recovered, trading at $3.19 at the time of writing, just 6.5% below its all-time high of $3.40 reached on January 7th, 2018.

Ripple CEO Brad Garlinghouse has called for a federal crypto reserve to include altcoins like XRP, rather than exclusively holding Bitcoin. In a recent statement, Garlinghouse emphasized the importance of a multi-chain world and advocated for a level-playing field, arguing that maximalism remains the enemy of crypto progress.

On Tuesday, Ondo Finance (ONDO), a decentralized finance (DeFi) protocol, announced it will soon launch its Short-Term US Government Treasuries (OUSG) fund on the XRP Ledger in collaboration with Ripple. OUSG, an institutional-grade product backed by tokenized US Treasuries and BlackRock’s BUIDL fund, represents a natural fit for a blockchain purpose-built for institutional adoption.

Ripple's XRP has faced criticism from some Bitcoin (BTC) proponents, who argue that it is not a true cryptocurrency due to its semi-centralized nature and Ripple's significant influence over XRP distribution. However, Ripple has defended its stance, claiming that its efforts are actually increasing the likelihood of a crypto strategic reserve that includes Bitcoin.

The ongoing debate between XRP and Bitcoin highlights the diverse nature of the cryptocurrency landscape and the contrasting priorities and visions of its participants. As the industry continues to evolve, conflicts like these underscore the need for open dialogue and collaboration to achieve common goals.