U.Today Crypto Digest: Ripple CEO Calls XRP “Heartbeat” of Company, Shiba Inu Drops to Lowest Level Since 2023, Bitcoin Price Rallies After US Jobs Report

Brad Garlinghouse reaffirms XRP as central part of Ripple

Ripple CEO took to X Spaces to reassure XRP investors about the company’s priorities.

• XRP as liquidity. Brad Garlinghouse reaffirmed that XRP is the “North Star” and “heartbeat” of Ripple.

During a recent appearance on X’s “Spaces,” Ripple CEO Brad Garlinghouse stressed that XRP is the “North Star” for Ripple. 

“It’s our purpose. When we think about what we are doing on Ripple Payments, or Ripple Prime, or Ripple Treasury, or Custody, or RLUSD, this is all focused on how we can drive utility, trust, and…liquidity around XRP and the XRP Ledger,” Garlinghouse said.  

XRP is the “heartbeat” of Ripple, which is a platform company for financial infrastructure.  

• XRP vs. Bitcoin. According to Garlinghouse, XRP ranks among the best-performing major cryptocurrencies since November 2024, while Bitcoin remains essentially flat.

Garlinghouse also acknowledged that last week was an absolute “bloodbath” for the market. He has described the current state of the market as “frustrating.” However, as reported by U.Today, Garlinghouse recently suggested that there could be a buying opportunity. 

The drawdown is comparable to the 2022 bear cycle, but crypto has done better than that, Garlinghouse says. Moreover, as he noted, XRP is one of the best-performing major cryptocurrencies since November 2024. Bitcoin, for comparison, is essentially flat. 

“It is important to zoom out and look at the broader landscape as well,” he said.

Shiba Inu slides to 2023 lows as bearish pressure persists. 

SHIB price struggles amid crypto market correction. 

• Price downtrend. SHIB has fallen to price levels last seen in 2023.

Shiba Inu’s price has dropped to levels not seen since 2023, continuing a long-running downward trend that has gradually undermined investor confidence in meme coins and a large portion of the altcoin market as a whole. 

SHIB has recently broken below a number of technical supports, and rallies have consistently failed as sellers continue to control the momentum. It is still evident that the chart structure is bearish.  

• Cutting losses. A volume spike during the latest decline suggests ongoing capitulation. 

Stabilization attempts have been short-lived, and every bounce has been followed by new distribution. A spike in volume during a decline indicates that some holders are still pulling out of their positions, either by reducing their losses or moving their money to other places.

Although short-term relief rallies may result from oversold conditions, a significant recovery would probably necessitate larger inflows into riskier assets across the cryptocurrency market.

In the absence of that, SHIB might keep moving lower or sideways as traders continue to exercise caution.

Bitcoin sees brief spike after US jobs report

Traders have grappled with a January jobs report that doubled expectations.

• BTC price rebound. Bitcoin showed limited volatility on Wednesday morning, following the release of the delayed January jobs report from the Bureau of Labor Statistics.

Bitcoin witnessed low volatility on Wednesday morning after the Bureau of Labor Statistics released its delayed January jobs report. The leading cryptocurrency experienced a rather brief price spike before paring modest gains after traders digested the data.  

• False rally. The move was short-lived, likely driven by algorithmic trading, as gains were quickly pared.

Earlier, Bitcoin was under bearish pressure ahead of the release. At exactly 13:30, the chart registers a significant green candle, reaching a peak of roughly $67,400.

The spike was notably short-lived since it was likely driven by algorithmic trading. The leading cryptocurrency is down roughly 8% over the past week, and it is currently on track to finish this month well in the red.