XRP and PI rallied, rising 8.83% and 6.5% respectively

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

The crypto market is showing early signs of recovery, with Ripple’s XRP (XRP) up 8.83% and Pi Network’s PI (PI) token seeing a gain of 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.

“I think what's interesting is that if you look at the coins that have the most utility, they're not necessarily the coins that people are most focused on,” Gilbertie said.

He continued by contrasting XRP with BTC, stating that the latter is "more of a store of value," while the former has "more of a use case."

“It's a coin that people are focused on, but if you're looking at pure utility, I think XRP has the most utility out there, and I think the team acts 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. Recently, the price action has also seen a strong break above the 200-week MA. This is a bullish indicator that suggests the long-term trend is shifting in favor of the bulls. Finally, the total supply in exchange wallets has dropped to its lowest point since 2022. This decrease in exchange reserves might indicate less selling pressure and potential bullish momentum. As a result, if the buyers can maintain control and push higher, we could witness a continuation of the uptrend with a target of $95,000 in sight. A sustained move below the Short-Term Holder realized price at around $78,000 or the 200-week MA at $74,000 could stall the uptrend and decrease optimism among the bulls.

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.