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XRP and PI rallied, rising 8.83% and 6.5% respectively, amid growing optimism around XRP’s ETF prospects and Pi Network’s mainnet progress.
The crypto market is showing early signs of recovery, with Ripple’s XRP (XRP) up 8.83% and Pi Network’s PI (PI) token gaining 6.5% on Wednesday, as Bitcoin (BTC) continues its climb toward the $95,000 level.
Part of the renewed attention around XRP may relate to recent comments from Teucrium CEO Sal Gilbertie, who spoke with Bloomberg about the token’s real-world applications.
Calling XRP a coin with the “most utility out there,” Gilbertie contrasted it with Bitcoin, which he described as more of a store of value. Gilbertie, however, didn’t really explain what he meant by “most utility” but just stuck to praising the Ripple team, saying they act “like investment bankers.”
As of press time, XRP is up 8.58% and trading at $2.27 in the XRP/USDT pair, according to the crypto.news price tracking page.
Gilbertie’s comments come as his firm is preparing to launch a 2X Leveraged XRP ETF, a move that may explain the timing of his praise. While it’s unclear how much weight his remarks carried in driving the price, they align with a broader narrative emphasizing XRP’s potential beyond trading.
Meanwhile, Pi Network’s PI token continues its migration efforts, which may be fueling optimism around the token. The network is in the process of moving users to its open mainnet. According to Pi Network’s blog announcement, over 12 million users have completed migration thus far. Amid the news, the price of PI in the PI/USDT trading pair jumped 6.5% to $0.66.
$BTC has now broken the Short-Term Holder realized price, or cost basis. Recently, we have highlighted this level as a benchmark for market sentiment and positioning. A sustained move above it often signals renewed confidence and can act as a springboard for further upside. https://t.co/cimESZlnBb pic.twitter.com/1w99mj0Suh
Bitcoin’s recent momentum may also be supporting sentiment across the market. As Glassnode analysts pointed out in an X post, BTC has now broken above the short-term holder realized price, which is often used as a key market sentiment benchmark. If Bitcoin stays above this level, it could signal renewed confidence and pave the way for further gains.
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