XRP’s 60% weekly gain defies crypto slump, while Bitcoin stalls below $30K.
XRP's 60% weekly gain defies crypto slump, while Bitcoin stalls below $30K.
The Blockchain Industry: Ripple’s XRP Outperforms Other Cryptocurrencies
The blockchain industry experienced a market-wide rally following last Thursday’s lawsuit ruling, but the initial excitement seems to have faded away. However, one cryptocurrency has managed to outperform the rest – Ripple’s XRP. Over the last 24 hours, XRP gained 3.6%, making it the best performer among the top 25 crypto assets. As a result, XRP has reclaimed its position as the fourth largest digital asset by market value, surpassing Binance’s embattled BNB token.
In contrast, Bitcoin (BTC) and Ether (ETH), the two largest cryptocurrencies by market capitalization, have seen a decline in their values since last Thursday. Both BTC and ETH are currently hovering below their psychologically significant price levels of $30,000 and $1,900, respectively. This indicates that the Ripple vs. SEC lawsuit did not generate a sustained rally in the broader crypto market.
While XRP has given back some of its gains from last Thursday, it is still up approximately 60% since the ruling. On the other hand, the CoinDesk Crypto Market Index (CMI), which tracks the overall performance of the digital asset market, has relinquished all of its Thursday gains, experiencing a 0.5% decline over the same period.
Other altcoins, such as Polygon’s MATIC, Solana’s SOL, and Cardano’s ADA, which enjoyed significant rallies last Thursday, have completely reversed their gains and returned to pre-XRP ruling levels. MATIC and SOL are now down 5% for the week, while ADA has dropped 2%.
It is worth noting that XRP’s recent surge may be attributed to digital asset funds adding the token to their holdings. David Lawant, head of research at institutional crypto exchange FalconX, suggests that index funds could be a potential source of additional institutional flow, exerting buying pressure and boosting XRP’s price. Lawant points out that XRP has a market capitalization of more than 3.5 times that of ADA and SOL, typically the largest constituents outside of BTC and ETH. If XRP is included in the underlying indexes, it could represent 4-5% of the composition of the top broad crypto indexes.
- Centralized exchanges will serve as gateways for DeFi, according to...
- According to Berenberg, Coinbase Earn is at high risk of being clas...
- Chainlink launches cross-chain protocol bridging blockchain and tra...
Overall, the blockchain industry continues to experience volatility and fluctuations in the market. While XRP has demonstrated its resilience and outperformed other cryptocurrencies in the short term, the long-term implications of the Ripple vs. SEC lawsuit and the broader regulatory landscape remain uncertain. As the industry evolves, it is important for investors and market participants to stay informed and adapt to the ever-changing dynamics of the blockchain ecosystem.
Table: Top Performers in the Blockchain Industry