After months of disappointing results, XRP, which is connected to Ripple, has broken away from Bitcoin, which is the most valuable digital asset by market cap.
Over the last 24 hours, the XRP/BTC pair has gone up by up to 7% on the Binance market. This is the highest increase against Bitcoin since March 11, when it went up by 13% in one day.
XRP is still down more than 70% against Bitcoin since August of last year, even with these recent gains. This makes it one of the worst-performing alternative cryptocurrencies in the current bull market.
XRP’s Legal Win Boosts Performance
However, XRP’s tremendous rally after Ripple’s legal win in July 2023, which saw significant gains before a subsequent pullback, may have made up for this underperformance.
There are not many clear reasons for XRP’s quick rise, but recent events in the SEC v. Ripple case may help explain the positive mood. Ripple has used the Terraform Labs case to argue against the SEC’s demands for harsh punishments.
A decision is due soon. Also, Ripple is getting ready to join the stablecoin market with Ripple (RLUSD), a cryptocurrency backed by the dollar. Some analysts at first thought this move was unfavorable for Ripple token, but Ripple leaders quickly put these worries to rest.
Tracking service CoinGecko says that Ripple token is currently the best-performing cryptocurrency in the top 100. It is tied with Tron (TRX) as the only other coin that is in the green. At the same time, meme coins like Bonk (BONK) and FLOKI are both losing a lot of value—nearly 10%.
