The XRP token soared by over 8% in the past 24 hours, trading at $1.67, outpacing Bitcoin and other major altcoins. Meanwhile, Bitcoin (BTC) rebounded to settle above $96,000 after briefly correcting to $91,000 earlier this week, signaling renewed bullish momentum across the cryptocurrency market.
Altcoin Performance Overview
As per CoinGecko data, other leading cryptocurrencies showed mixed performance:
- Ether (ETH), Solana (SOL), and BNB exhibited minimal movement.
- Cardano (ADA) gained 3.5%, while Dogecoin (DOGE) slipped 1.2%.
- Algorand (ALGO) and Worldcoin (WLD) were standout performers, each rising by over 15% in the last 24 hours.
Renewed Optimism for XRP
XRP’s recent rally has been fueled by positive developments on both regulatory and institutional fronts:
- Ripple vs. SEC Lawsuit: Optimism among XRP investors surged following Donald Trump’s election victory, as outgoing SEC Chair Gary Gensler, who spearheaded the agency’s case against Ripple, prepares to leave office. Under Trump, a more crypto-friendly SEC chair is expected, potentially ending Ripple’s legal battles.
- XRP ETF Registration: Global asset manager WisdomTree, with over $113 billion AUM, registered an XRP Exchange-Traded Fund (ETF) in Delaware. This development could pave the way for an S-1 filing with the SEC, further boosting market confidence.
- New Partnerships and Use Cases: Ripple recently announced a tokenized money market fund on the XRP Ledger, in partnership with UK digital asset exchange Archax and asset manager Abrdn plc.
- XRP Ledger’s Growing Popularity: The XRP Ledger continues to attract attention for its low fees, scalability, speed, and environmentally sustainable infrastructure, making it a hub for meme coins and other digital assets.
Bitcoin’s Rally Faces Profit-Taking
Bitcoin briefly neared the much-anticipated $100,000 mark before facing profit-taking last week. Despite this, investor sentiment remains positive due to:
- Regulatory Shifts Under Trump: President-elect Donald Trump has signaled a pro-crypto stance, appointing Scott Bessent, a Bitcoin-friendly hedge fund executive, as Treasury Secretary.
- Potential SEC Oversight Changes: Trump has proposed moving crypto regulation from the SEC to the Commodity Futures Trading Commission (CFTC), a shift seen as favorable for the industry.
Conclusion
As the cryptocurrency market rebounds, XRP leads the pack, driven by regulatory optimism and institutional adoption. Bitcoin, while facing temporary resistance near the $100K milestone, remains bolstered by favorable macro trends and regulatory prospects.
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