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The global crypto market cap dropped by around 2% over the past day as top coins like Bitcoin (BTC) and Ethereum (ETH) printed red indexes. Meanwhile, XRP has managed to decouple from the ongoing trend of the market.
XRP price recovers
As per the data, XRP has emerged as the top gainer among the top 100 cryptos in the last 24 hours. XRP price surged by over 9% over the past day. It is trading at an average price of $0.41, at the press time. However, Bitcoin and Ethereum prices have dropped by 2% and 4% respectively.
Bitcoin trading volume has dropped by more than 25% in the last 24 hours to stand at $23.3 billion. However, XRP’s 24 hour trading volume skyrocketed by 57% to stand at $1.56 billion.
As per a crypto expert, XRP price surge amid Bitcoin price drop on the chart is something that has only been seen 3 times before. He mentioned that on the daily timeframe XRP has broken above the EMAs and consolidated above the trend line without falling back.
However, crypto whales have moved over 56 million XRP tokens amid the recent price move. $10.5 million worth of XRP tokens were added by whales from the Bitstamp crypto exchange.
SEC lawsuit affected Ripple’s growth?
XRP holders’ lawyer, Attorney John Deaton in a Twitter thread highlighted that XRP has been in the top 10 cryptos for a decade now. However, Hinman gave Ethereum a free pass when Ripple’s native token was in the 2nd position. Later the SEC sued Ripple in December 2020.
Meanwhile, the SEC lawsuit has not been limited to Ripple sales. Coinbase and other crypto exchanges delisted the XRP token despite this it has remained in the top 10 cryptos. It is still holding a market cap of more than $20.4 billion.
He added that it is surprising to see that XRP remains one of the most misunderstood cryptos in the industry.
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