In a striking development, XRP, currently the sixth-largest cryptocurrency by market capitalization, has diverged from Bitcoin‘s downward trajectory, demonstrating a significant price rebound.
While Bitcoin (BTC) has experienced a decline of over 5% in the past 24 hours, XRP has surged nearly 5%, underscoring its decoupling from broader market trends.
As of the latest update, XRP has risen 3.78% over the last day, reaching $0.6327, amidst a broader crypto market downturn. The token has shown a 6.21% increase over the same period.
The cryptocurrency market continued its Monday sell-off as traders anticipated upcoming central bank meetings. In contrast, XRP reversed its previous day’s losses and posted gains.
XRP climbed from a low of $0.597 to hit an intraday peak of $0.635 before settling at its current value.
Additionally, XRP is strengthening against Bitcoin, with the XRP/BTC trading pair increasing by up to 5% on Binance. This marks the potential for XRP to achieve its third consecutive day of gains against Bitcoin.
Binance-SEC Lawsuit Update Fuels XRP Optimism
Recent developments in the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and cryptocurrency exchange Binance have sparked renewed optimism for XRP. The SEC has withdrawn its request for the court to classify the tokens involved in the case as securities.
On July 30, the SEC responded to a court order dated July 9, 2024, indicating a desire to amend its complaint related to “Third Party Crypto Asset Securities,” as outlined in its opposition to Binance’s dismissal petition. This move removes the immediate need for a court ruling on the allegations concerning these tokens.
Notably, the judge overseeing the Binance case referenced Judge Analisa Torres’ 2023 decision in the Ripple lawsuit when granting the motion to dismiss secondary BNB sales claims. This recent update is seen as potentially significant for XRP, which is awaiting a final verdict in its own Ripple lawsuit, thereby contributing to the current positive sentiment surrounding XRP.
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