U.Today – In a remarkable feat, XRP, the sixth-largest cryptocurrency by market cap, has decoupled from , showing a remarkable price reversal.
While Bitcoin (BTC) has fallen more than 5% over the past 24 hours, XRP has risen by almost 5%, highlighting its independence from the broader cryptocurrency market trend.
At the time of writing, XRP was up 3.78% over the past 24 hours to $0.6327, while almost the entire cryptocurrency market was trading in the red. The token was also up 6.21% over the past 24 hours.
The cryptocurrency market extended Monday’s sell-off as traders awaited this week’s central bank meetings. XRP, on the other hand, reversed Monday’s losses to trade in the green.
XRP subsequently rose from a low of $0.597 to hit an intraday high of $0.635 before settling at its current price.
XRP is also gaining strength against Bitcoin, with the pair up as much as 5% on the Binance exchange. Notably, XRP has been gaining ground against Bitcoin and is set to mark the third consecutive day of gains.
Optimism is rekindled after Binance's SEC lawsuit is updated
According to a recent update, the U.S. Securities and Exchange Commission (SEC) is no longer requesting a court to decide and classify the tokens identified in its case against cryptocurrency exchange Binance as securities.
On July 30, the SEC responded to the court's July 9, 2024 order. In the filing, the SEC stated that it wishes to amend its complaint regarding “Third-Party Crypto Asset Securities,” as specified in its opposition to Binance's motion to dismiss.
According to the SEC, this eliminates the need to “render a ruling on the sufficiency of the allegations relating to those tokens at this time.”
As reported, the judge ruling in Binance’s lawsuit cited Judge Analisa Torres’ 2023 ruling in the lawsuit when granting the motion to dismiss the BNB secondary sales claim.
As a result, the latest update in the Binance case could be significant for XRP in the Ripple lawsuit, which is now awaiting a final verdict, contributing to the current optimism around XRP.
This article was originally published on U.Today
