XRP has seen a remarkable surge of over 5% in the past 24 hours, accompanied by a 171% increase in trading volume. This surge has been attributed to ongoing legal battles with the SEC and the upcoming launch of Ripple’s stablecoin, sparking speculation in the market.
The cryptocurrency XRP, associated with Ripple, has demonstrated a significant surge when compared to Bitcoin. Over the last 24 hours, the XRP/BTC trading pair on Binance has shown a gain of over 5%, marking its strongest daily performance against Bitcoin since March 11th, when it surged by 13% in a single day.
Despite the general market downturn, the trading volume for XRP has skyrocketed by 171% in the last 24 hours, indicating a heightened interest from investors. This positive trend has positioned XRP as a leader with a 5% gain in the past day, showcasing its strength in the market.
While XRP’s recent performance has been impressive, especially when compared to other leading cryptocurrencies, it is essential to view this within a broader context. XRP has been underperforming significantly over the past year, currently down by more than 70% against Bitcoin since August. This decline contrasts sharply with the overall bullish sentiment prevailing in the cryptocurrency market during the same period.
The recent surge in XRP’s price may be attributed to ongoing legal battles with the SEC, with Ripple’s mention of the Terraform Labs case in its defense strategy generating positive market sentiment. Additionally, Ripple’s announcement regarding the launch of its dollar-backed stablecoin, Ripple (RLUSD), has sparked interest. Despite initial concerns, Ripple executives have reassured stakeholders of the complementary nature of the stablecoin to XRP, indicating a strategic expansion that could support XRP’s value.
Market speculation has also been fueled by whale activity in the past 24 hours, with significant movements impacting XRP’s trading dynamics. Large transactions, including token dumps and accumulations, totaling over $40 million, have been observed. Notable transactions include an XRP whale moving substantial amounts to Bitstamp and Bitso, as well as another address accumulating millions worth of XRP, leading to speculation about future market trends and XRP’s price trajectory.