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- XRP surged over 5% in the last 24 hours, with trading volume up by 171%.
- Legal battles with the SEC and the launch of Ripple’s stablecoin are driving market speculation.
XRP, the cryptocurrency affiliated with Ripple, has experienced a notable surge against Bitcoin (BTC), underscoring a significant decoupling from Bitcoin’s relatively stagnant performance. Over the past 24 hours, the XRP/BTC trading pair on Binance has risen by over 5%, marking its strongest daily performance against Bitcoin since March 11th, when it surged 13% in a single day.
Trading volume for XRP surged by 171% in the last 24 hours, indicating heightened investor interest despite the broader market downturn.
#XRP is leading the pack with a 5% gain in the last 24 hours! 🚀🚀🚀#Ripple vs. SEC Settlement on the horizon? pic.twitter.com/vy7oPOVHvv
— Collin Brown (@CollinBrownXRP) June 17, 2024
XRP’s recent performance stands out, particularly compared to other leading cryptocurrencies. As previously reported by Crypto News Flash, XRP is currently the best-performing cryptocurrency among the top 100 coins. It is one of the few tokens displaying positive movement
While the recent uptick in XRP’s price is a positive development, it’s crucial to examine its performance within a broader context. Over the past year, XRP has underperformed significantly, currently down more than 70% against Bitcoin since August. This decline contrasts sharply with the overall bullish sentiment that has characterized the cryptocurrency market during the same period.
A significant factor in XRP’s earlier spike in July 2023 was Ripple’s legal victory, which temporarily buoyed the cryptocurrency. Following the court ruling, XRP experienced a sharp price increase, though the subsequent retracement brought it back to its current levels. This volatility underscores the complex interplay between legal developments and market sentiment in the cryptocurrency space.
Legal Developments and Market Speculation
The precise reasons for XRP’s recent surge are not entirely clear, but ongoing legal battles between Ripple and the U.S. Securities and Exchange Commission (SEC) may be contributing to the positive sentiment. Ripple’s citation of the Terraform Labs case as part of its defense strategy against the SEC’s penalty demands has stirred market speculation about a potential resolution in Ripple’s favor. Such legal victories are often viewed as significant positive catalysts for cryptocurrency prices.
In addition, Ripple’s recent announcement about launching its dollar-backed stablecoin, Ripple (RLUSD), has generated considerable interest. Despite initial concerns that this new venture might negatively impact XRP, Ripple executives have reassured stakeholders, emphasizing the complementary nature of the two initiatives. The introduction of RLUSD signifies Ripple’s strategic expansion into the stablecoin market, which could bolster its ecosystem and, by extension, support XRP’s value.
Whale Activity Spurs Market Speculation
In the past 24 hours, whale movements have significantly impacted XRP’s trading dynamics. Data from Whale Alert reveals that approximately 80.34 million XRP, valued at over $40 million, have been transferred between wallets and exchanges. These transactions include substantial token dumps and significant accumulations, contributing to a wave of mixed sentiments among traders.
Three major transactions were highlighted: an XRP whale known by the address …Rzn moved 28.24 million XRP to Bitstamp and 19.96 million XRP to Bitso, worth nearly $25 million. In contrast, another address, rarG6FaeYh, known for large-scale XRP accumulation, added 32.14 million XRP, worth about $15.67 million, to its holdings. These movements have fueled speculation about potential market trends and XRP’s future price trajectory.
