u.today
Ripple-affiliated XRP cryptocurrency has managed to decouple from Bitcoin, the largest digital asset by market cap, after months of underperformance.
The XRP/BTC pair is up as much as 7% on the Binance exchange over the last 24 hours.
It is now on track to record the biggest spike against Bitcoin since March 11. Back then, it soared by a whopping 13% against the leading cryptocurrency within a single day.
Despite XRP's recent gains, it is 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 of this bull market. That said, XRP's underperformance might not be as bad as it looks at first glance given that it saw a massive rally after Ripple's legal win 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 v. Ripple case might explain this bullish sentiment. As reported by U.Today, Ripple cited the Terraform Labs case to argue against exorbitant penalties and fines sought by the SEC. The case is expected to reach its long-awaited resolution in the near future.
Moreover, the company is preparing to wade into the stablecoin market with its own Ripple (RLUSD) dollar-backed cryptocurrency. Even though Ripple's pivot to the stablecoin market was initially portrayed as a bearish development for XRP by some analysts, the company's executives were quick to dismiss such concerns.
Top-performing coin in top 100
According to 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 the green alongside Tron (TRX) on CoinGecko's homepage.
In the meantime, the meme coin sector is getting hit particularly hard, with Bonk (BONK) and FLOKI plunging by nearly 10%.