TL:DR;
- While the entire crypto market is well in the green today, some alts, such as XRP, are performing a lot better than many of its rivals.
- Perhaps a few of the reasons behind Ripple’s surge could be attributed to the recent whale activity, as well as upcoming developments on the legal front against the SEC.
The recent price performance from Ripple’s native token has defied the overall market movements for the past several days. Recall that the asset jumped hard on Saturday evening, surpassing $2.5 while most other assets stood still.
During the subsequent crash on Monday, in which BTC tumbled below $90,000, and ETH slumped beneath $3,000 to mark multi-month lows, XRP took the correction in a less painful manner, dropping by a mode modest 9% to $2.33.
Since then, though, the third-largest cryptocurrency has been on a roll and has outperformed its two bigger rivals by a significant margin. XRP went from that aforementioned low to $2.67 in less than a day, charting a 15% surge. This became its highest price tag in nearly a month.
The most obvious reason behind the asset’s surge today is the broader market’s revival. However, there’s more to the case, given its impressive performance compared to BTC, ETH, and many others.
For instance, whales have been particularly active when it comes to accumulating XRP tokens. As reported last week, they acquired over a billion XRP within a 48-hour period alone.
Additionally, the legal battle between the company behind the asset and the SEC is expected to take a turn by tomorrow, as the agency has to file its opening brief within the next 24 hours. Moreover, the Commission will change its leadership within the next week, as Gary Gensler will step down and the subsequent replacement is known for his pro-crypto views.
On a partnership front, Ripple is rumored to be entering some collaboration with Cardano as the latter’s founder revealed that both entities are ‘actively talking.’ Without giving too many details, the speculation is that Ripple’s stablecoin (RLUSD) will launch on Cardano’s blockchain soon.
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