Ripple’s XRP token has outperformed most other cryptocurrencies in the past 24 hours, gaining 3.6% and retaking its place as the fourth largest digital asset by market value. Bitcoin (BTC) and ether (ETH) have both dropped below their psychologically important price levels at $30,000 and $1,900, respectively, since the Ripple vs. SEC lawsuit ruling last Thursday.
The Ripple vs. SEC lawsuit did not generate a broader lasting rally in crypto, said David Lawant, head of research at institutional crypto exchange FalconX. XRP has given back some of its gains since the ruling, but is still up roughly 60%. The CoinDesk Crypto Market Index (CMI) has declined 0.5% over the same period.
Top altcoins such as Polygon’s MATIC, Solana’s SOL and Cardano’s ADA, which enjoyed sizable rallies last Thursday, have completely reversed to the levels where they traded prior to the XRP ruling. MATIC and SOL are now down 5% over the week, while ADA dropped 2%.
Lawant believes that digital asset funds adding XRP to their holdings could represent some buying pressure boosting its price. If XRP is included in the underlying indexes, the asset could represent 4-5% of the composition of the top broad crypto indexes, he said.