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In a remarkable feat, XRP, the sixth largest cryptocurrency by market cap has decoupled from Bitcoin, showcasing a remarkable price reversal.
While Bitcoin (BTC) has dipped by over 5% in the last 24 hours, XRP has surged by nearly 5%, highlighting its independence from the broader cryptocurrency market trend.
At the time of writing, XRP was up 3.78% in the last 24 hours to $0.6327, as nearly the entire crypto market traded in red. The token was likewise up 6.21% in the last 24 hours.
The crypto market extended Monday's sell-off as traders looked ahead to central bank meetings this week. XRP, on the other hand, reversed Monday's losses to trade in green.
XRP subsequently rose from a low of $0.597 to reach an intraday high of $0.635 before settling at its current price.
XRP is likewise gaining strength against Bitcoin, with the XRP/BTC pair rising by as much as 5% on the Binance exchange. Notably, XRP has been gaining ground against Bitcoin and is set to mark the third consecutive day of gains.
Optimism stoked from Binance-SEC lawsuit update
According to a recent update, the U.S. Securities and Exchange Commission (SEC) is no longer requesting that a court decide and classify the tokens identified in its case against cryptocurrency exchange Binance as securities.
On July 30, the SEC responded to the court's minute order dated July 9, 2024. In the filing, the SEC stated that it wishes to amend its complaint addressing "Third Party Crypto Asset Securities," as specified in its opposition to Binance's petition to dismiss.
According to the SEC, this eliminates the need to "issue a ruling as to the sufficiency of the allegations concerning those tokens at this time."
As reported, the ruling judge in the Binance lawsuit cited Judge Analisa Torres' 2023 ruling in the Ripple lawsuit in granting the motion to dismiss the secondary BNB sales claim.
As a result, the latest update in the Binance case could be significant for XRP in the Ripple lawsuit, which is now awaiting a final verdict, contributing to the current optimism surrounding XRP.