XRP Rockets with 60% Weekly Gain, Outshining Broader Crypto Market Slump
- Ripple’s XRP outperforms most cryptocurrencies with a 3.6% gain.
- XRP reclaims its spot as the fourth-largest digital asset by market value.
- David Lawant, head of research at FalconX, says the Ripple vs. SEC lawsuit did not generate a lasting rally in crypto.
Ripple’s XRP performed better than most cryptocurrencies after the initial market-wide rally, following the lawsuit ruling last Thursday.
In the last 24 hours, XRP was the best performer among the top 25 crypto assets, gaining 3.6%. It regained its position as the fourth-largest digital asset by market value, surpassing Binance’s BNB token.
However, Bitcoin and Ether have not fared as well and are now trading below their levels from last Thursday, both below their important price levels at $30,000 and $1,900, respectively.
Despite giving back some of the gains from last Thursday, XRP has still seen a 60% increase since the ruling. On the other hand, the Crypto Market Index, which monitors the performance of the broader digital asset market, has lost all of its Thursday advance, recording a 0.5% decrease over the same period.
Top altcoins like Polygon’s MATIC, Solana’s SOL, and Cardano’s ADA, which experienced significant rallies last Thursday, have reversed to the levels where they traded before the XRP ruling. MATIC and SOL are down 5% over the week, while ADA dropped 2%.
According to David Lawant, the Head of Research at institutional crypto exchange FalconX, the Ripple vs. SEC lawsuit did not generate a more comprehensive and enduring rally in crypto. Although the rush to purchase XRP has subsided, the token’s inclusion in digital asset funds could represent some buying pressure that boosts its price. Lawant said, “Index funds are one potential source of additional institutional flow I’m still watching.”
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