Ripple CEO Brad Garlinghouse has emphatically reaffirmed XRP's central role within the company, calling it the "North Star" and "heartbeat" of Ripple's operations. During a recent appearance on X's "Spaces," Garlinghouse stressed that all of Ripple's initiatives—including Ripple Payments, Ripple Prime, Ripple Treasury, Custody, and RLUSD—are fundamentally focused on driving "utility, trust, and liquidity around XRP and the XRP Ledger."
Garlinghouse provided a market perspective, acknowledging that last week was an absolute "bloodbath" for the cryptocurrency market, describing the current state as "frustrating." However, he suggested the drawdown could present a buying opportunity, comparing it to the 2022 bear cycle but noting that crypto has performed better this time. He highlighted that XRP has been one of the best-performing major cryptocurrencies since November 2024, while Bitcoin's performance over the same period has been essentially flat.
Meanwhile, Shiba Inu (SHIB) has faced severe bearish pressure, dropping to price levels last seen in 2023. The meme coin has broken below multiple technical supports, with rallies consistently failing as sellers maintain control. A volume spike during the latest decline suggests ongoing capitulation, where holders are cutting losses or reallocating funds. While short-term relief rallies from oversold conditions are possible, analysts note a significant recovery would require larger inflows into riskier assets across the broader crypto market.
Bitcoin experienced a brief, sharp price spike following the release of the delayed U.S. January jobs report from the Bureau of Labor Statistics. At exactly 13:30, the chart registered a significant green candle, reaching a peak of roughly $67,400. However, the move was short-lived, likely driven by algorithmic trading, as gains were quickly pared. Bitcoin showed limited volatility overall on Wednesday morning and is down roughly 8% over the past week, on track to finish the month in the red.
In subsequent trading, Shiba Inu showed early signs of recovery, gaining 5% as volatility rose. Buyers stepped in around recent lows, forming higher intraday lows and slowing the selling pace. The upward attempts were accompanied by an increase in volume, suggesting some traders view current levels as desirable entry points. Momentum indicators are rising from oversold situations, though SHIB continues to trade below longer-term moving averages.
Ethereum (ETH) also showed tentative signs of stabilization after a painful decline below $2,000. A sharp rebound forced a reevaluation of the bearish outlook, with buyers intervening to push the price back above a breakdown zone, weakening a bearish continuation setup. Momentum indicators, which had been severely oversold, are starting to level off.
Pressure on Bitcoin showed some alleviation as a notable local bounce occurred following a sudden spike in trading activity. Market data indicated a volume spike of about $50 million during the sell-off phase, which stabilized price action and led to a brief recovery. This suggests aggressive buyers intervened to absorb panic-driven selling, at least momentarily stopping the downward trend. Bitcoin needs to retake adjacent resistance areas to confirm a more robust recovery scenario.
