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XRP officially decouples from Bitcoin
Alex Dovbnja
XRP surpasses every single cryptocurrency in the top 100
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The Ripple-affiliated cryptocurrency XRP managed to do this decouple from Bitcoin, the largest digital asset by market capitalization, after months of underperformance.
The XRP/BTC pair has risen as much as 7% on the Binance exchange in the past 24 hours.
It is now on track to record the biggest spike against Bitcoin since March 11. At the time, it was up 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% versus Bitcoin since last August. This makes it one of the worst-performing alternative cryptocurrencies of this bull market. That said, XRP’s underperformance may not be as severe as it first appears, given that it witnessed a massive rally following Ripple’s legal victory in July 2023 before retracing its gains.
While it is not immediately clear why XRP is suddenly leaving Bitcoin in the dust, recent developments in the SEC case against Ripple could explain this bullish sentiment. AS reported by U.Today, Ripple cited the Terraform Labs case to oppose the exorbitant sanctions and fines requested 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 dollar-backed cryptocurrency Ripple (RLUSD). Although Ripple’s pivot into the stablecoin market was initially described as a bearish development for XRP by some analysts, the company’s executives were quick to dismiss such concerns.
Best performing coin in the top 100
Second data provided by cryptocurrency tracking service CoinGecko, XRP is currently the best performing cryptocurrency among the top 100. In fact, it is the only token in green along with Tron (TRX) on CoinGecko’s homepage.
Meanwhile, the meme coin sector is being hit particularly hard, with Bonk (BONK) and FLOKI plunging nearly 10%.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.