Bitcoin
XRP officially decouples from Bitcoin
Alex Dovbnya
XRP outperforming all cryptocurrencies in the top 100
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Ripple-affiliated cryptocurrency XRP has achieved dissociate of Bitcoin, the largest digital asset by market value, after months of underperformance.
The XRP/BTC pair rose up to 7% on the Binance exchange in the last 24 hours.
It is now on track to record the biggest rise against Bitcoin since March 11. At that time, it soared an impressive 13% against the leading cryptocurrency in a single day.
Despite XRP’s recent gains, it’s worth noting that the Ripple-affiliated cryptocurrency is still down more than 70% against Bitcoin since last August. This makes it one of the worst-performing alternative cryptocurrencies in this bull market. That said, XRP’s underperformance may not be as bad as it first appears, given that there was a huge rally following Ripple’s legal victory in July 2023, before retracing its gains.
While it’s not immediately clear why XRP is suddenly leaving Bitcoin in the dust, recent developments in the SEC v. Ripple may explain this bullish sentiment. As reported by U.Today, Ripple cited the Terraform Labs case to argue against exorbitant penalties and fines requested by the SEC. The case is expected to reach the long-awaited resolution in the near future.
Additionally, the company is preparing to enter the stablecoin market with its own dollar-backed cryptocurrency Ripple (RLUSD). While Ripple’s pivot to the stablecoin market was initially portrayed as a bearish development for XRP by some analysts, company executives were quick to release such concerns.
Best performing coin in the top 100
According to data Powered by cryptocurrency tracking service CoinGecko, XRP is currently the best-performing cryptocurrency in the top 100. In fact, it is the only green token next to Tron (TRX) on the CoinGecko homepage.
Meanwhile, the meme coin sector is being hit particularly hard, with Bonk (BONK) and FLOKI plummeting nearly 10%.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the booming industry – from price analysis to Blockchain disruption. Alex has authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. He can be reached at alex.dovbnya@u.today.