Ripple’s XRP token soared some 10% in the past 24 hours, gaining the most among the top 20 cryptocurrencies by market capitalization, according to Markus Levin, co-founder of XYO Network. This surge is attributed to the partly favorable ruling in an ongoing Federal court feud with the Securities and Exchange Commission (SEC). This decision has caused a number of exchanges to relist XRP, leading to an increase in investments, trading volumes, and open interest for futures contracts.
Smaller cryptocurrencies also saw gains during the day. XLM, the token of the Ripple-adjacent Stellar network, rose 24%, while Cardano’s ADA and Solana’s SOL were up 6%. Dogecoin (DOGE) also rose 4% after Elon Musk posted a dog-themed tweet. Bitcoin (BTC) and Ether (ETH) remained mostly flat, trading around $30,000 and $1,900 respectively.
Charles Edwards, founder of bitcoin-focused hedge fund Capriole Investments, noted that despite the positive news for the crypto industry, nothing has helped bitcoin sustain momentum above $31K. This has caused investors to shift their focus to smaller, riskier tokens, as evidenced by the BTC dominance rate, which measures bitcoin’s share of the total market capitalization of crypto assets, pulling back to 49.8%.