U.Today – In a remarkable feat, XRP, the sixth-largest cryptocurrency by market capitalization, has broken away from , marking an unusual price change.
While Bitcoin (BTC) has fallen by more than 5% in the past 24 hours, XRP has surged by almost 5%, underscoring its independence from broader cryptocurrency market trends.
At the time of writing, XRP is up 3.78% in the last 24 hours to $0.6327, while almost the entire cryptocurrency market is trading in the red. The token is also up 6.21% in the last 24 hours.
The cryptocurrency market extended Monday’s sell-off as traders awaited central bank meetings this week. On the other hand, XRP recouped Monday’s losses and traded in the green.
The price of XRP rose from a low of $0.597 to an intraday high of $0.635 before stabilizing at its current level.
XRP is also gaining strength against Bitcoin, with the pair up as much as 5% on the Binance exchange. Interestingly, XRP is gaining value against Bitcoin and is poised for a third straight day of gains.
Optimism fueled by Binance-SEC lawsuit update
According to a recent update, the US Securities and Exchange Commission (SEC) will no longer request a court to issue a ruling and classify the tokens identified in its case against cryptocurrency exchange Binance as securities.
On July 30, the SEC responded to the court’s order dated July 9, 2024. In the letter, the SEC stated that it wished to amend its complaint regarding “Third Party Crypto Asset Securities,” as indicated in its opposition to Binance’s petition to dismiss.
According to the SEC, this eliminates the need to “render a ruling on the sufficiency of the allegations relating to these tokens at this time.”
As reported, the judge ruling in Binance’s lawsuit cited Judge Analisa Torres’ 2023 ruling in granting the motion to dismiss the secondary claim relating to the sale of BNB.
As a result, the latest update on the Binance case could have major implications for XRP in the Ripple lawsuit, which is currently awaiting a final verdict, contributing to the current optimism surrounding XRP.
