XRP has seen a remarkable surge of over 5% in the past 24 hours, accompanied by a 171% increase in trading volume. This surge is attributed to ongoing legal battles with the SEC and the upcoming launch of Ripple’s stablecoin, sparking speculation in the market.
The cryptocurrency associated with Ripple, XRP, has shown significant strength against Bitcoin, highlighting a notable decoupling from Bitcoin’s relatively stagnant performance. The XRP/BTC trading pair on Binance has surged by over 5% in the last day, marking its most robust daily performance against Bitcoin since March 11th, when it jumped by 13% in a single day.
Despite the broader market downturn, investor interest in XRP has surged, as evidenced by the substantial increase in trading volume. XRP’s performance has outshined other leading cryptocurrencies, making it the best-performing coin among the top 100 tokens.
However, it’s essential to consider XRP’s recent price surge in the context of its overall performance. Over the past year, XRP has significantly underperformed, down by more than 70% against Bitcoin since August. This decline contrasts sharply with the bullish sentiment prevailing in the cryptocurrency market during the same period.
The recent spike in XRP’s price may be partially attributed to ongoing legal battles between Ripple and the SEC, with Ripple citing the Terraform Labs case in its defense strategy. Additionally, Ripple’s announcement of launching its stablecoin, RLUSD, has generated significant interest. Despite initial concerns, Ripple executives have reassured stakeholders that the stablecoin will complement XRP, potentially strengthening Ripple’s ecosystem and supporting XRP’s value.
Whale activity has also played a significant role in influencing XRP’s trading dynamics in the past 24 hours. Large transactions of over 80.34 million XRP, valued at more than $40 million, have been observed between wallets and exchanges. These transactions, including substantial token dumps and accumulations, have sparked mixed sentiments among traders, fueling speculation about future market trends and XRP’s price trajectory.