The Ripple-affiliated cryptocurrency XRP has achieved disengage of Bitcoin, the largest digital asset by market capitalization, after months of underperformance.
The Ripple-affiliated cryptocurrency XRP has achieved disengage of Bitcoin, the largest digital asset by market capitalization, after months of underperformance.
The XRP/BTC pair has risen up to 7% on the Binance exchange over the last 24 hours.
It is now on track to record the biggest rise against Bitcoin since March 11. Back then, it soared a whopping 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 might not be as bad as it appears at first glance, given that it saw a massive rally following Ripple’s legal victory in July 2023 before retracing its gains.
Gamza KhanzadaevWhile it is not immediately clear why XRP is suddenly leaving Bitcoin in the dust, recent developments in the SEC v. Ripple could explain this bullish sentiment. As reported by U.Today, Ripple cited the Terraform Labs case to argue against the exorbitant sanctions and fines sought by the SEC. The case is expected to reach its long-awaited resolution in the near future.
Additionally, the company is preparing to enter the stablecoin market with its own Ripple dollar-backed cryptocurrency (RLUSD). Although some analysts initially described Ripple’s pivot into the stablecoin market as a bearish development for XRP, company executives were quick to dismiss such concerns.
Best performing coin in the top 100
According data Provided by cryptocurrency tracking service CoinGecko, XRP is currently the best-performing cryptocurrency in the top 100. In fact, it is the only token in green next to Tron (TRX) on the CoinGecko homepage.
Yuri MolchanMeanwhile, the meme coin sector is being hit particularly hard, with Bonk (BONK) and FLOKI falling almost 10%.
