Cryptocurrency markets often fixate on rivalries. Bitcoin vs. Ethereum. Solana vs. Hyperliquid. But at a Las Vegas conference last month, Bitwise CIO Matt Hougan argued that XRP simply isn’t in Bitcoin’s ring.
His remarks spurred fresh debate on how digital assets carve out unique niches—and why communities may matter as much as technology.
On a Saturday at 1 p.m. Eastern Time, an estimated 1,000 people packed into the XRP Las Vegas venue. Investor conferences rarely attract such numbers during early afternoon weekend slots.
But attendees filled every seat. Phones and tablets recorded the scene. Name badges swung across chests. Enthusiasm radiated in the air.
Hougan delivered his keynote before that crowd. He posted photos afterward, showing rows of attendees glued to presentations. “It’s rare to see this turnout at 1 p.m. on a Saturday,” he said. “That speaks volumes about where XRP stands today.”
Divergent Roles: Bitcoin vs. XRP
Industry veterans often frame Bitcoin and XRP as adversaries. Yet Hougan challenged this binary. He stressed that each coin serves a distinct market:
Bitcoin: Widely referred to as “digital gold,” Bitcoin commands a market capitalization of roughly $2.07 trillion as of late May 2025. Investors value its scarcity and decentralized security.
XRP: Built for cross-border settlements, XRP’s daily transaction volume often outpaces many altcoins. As of May 2025, daily XRP transfers exceeded $30 billion. (Source: On-chain data providers).
Hougan pointed out that thriving in different realms allows both cryptos to grow without cannibalizing each other. He said, “Bitcoin is reserved for store-of-value. XRP is optimized for fast settlements. One does not eat the other’s lunch.”
XRP’s community has remained vocal and active, from developers to retail holders. Hougan praised this network as “the vital pillar of any crypto project.” He highlighted several facts:
- Developer Activity: Over 200 GitHub repositories related to XRP utilities and integrations remain active.
- Social Engagement: On platforms like X (Twitter) and Discord, XRP-specific channels host thousands of daily posts promoting real-world use cases—everything from remittance solutions to U.S. digital asset stockpile initiatives.
This zeal once proved decisive in Ripple’s legal battle. In 2023, Judge Analisa Torres of the U.S. District Court in the Southern District of New York referenced affidavits from XRP holders compiled by attorney John Deaton. Those affidavits helped establish that Ripple’s programmatic token sales did not qualify as securities.
After that ruling, major U.S. exchanges—including Kraken and Coinbase—re-listed XRP for trading. Both platforms cited renewed regulatory clarity as the driving factor.
Ripple’s 2023 courtroom victory marked a turning point. Although Ripple still faces additional compliance hurdles, the decision lifted a cloud hanging over XRP’s trading status.
Hougan underlined that community-driven legal support underscored XRP’s resilience. He added, “When holders step up, regulators and judges take note.”
Since re-listing, XRP’s 24-hour trading volume has averaged $4 billion, a 35% increase from pre-ruling levels. Price volatility also declined. The token’s 30-day realized volatility dropped from 85% in June 2023 to 60% by March 2025.
ETF Outlook Remains Bright
In October 2024, Bitwise became the first asset manager to file a U.S. SEC application for an XRP spot ETF, signaling a growing institutional appetite for the asset class.
Hougan has remained buoyant on the idea ever since. On live television in early 2025, he noted “strong demand” for an XRP ETF.
As of June 2025, the SEC has yet to approve any spot XRP ETF. But industry insiders remain optimistic. Several proposals are in limbo, awaiting the regulator’s next steps. Hougan predicts a launch “later this year,” assuming no new regulatory setbacks.
For comparison, the SEC approved the first Bitcoin spot ETF in January 2025, attracting $3.2 billion in assets within two weeks. Given the token’s utility-driven narrative and mobilized community, observers believe an XRP equivalent could draw $1 billion to $2 billion in its first month.
With Bitwise’s XRP ETF filing still pending, market watchers will track SEC rulings closely. For now, XRP’s community is a testament to what organized advocacy can achieve. As Hougan put it, “Communities win hearts, minds, and sometimes, court cases.”