Riding high in the swiftly evolving crypto landscape, Ripple’s XRP has rippled through ranks to emerge as the star performer amongst the Top 25 crypto assets in the past 24 hours. A smooth 3.6% stride positions XRP as the fourth biggest digital asset by market cap, overtaking the exchange titan’s – Binance’s BNB token. This reversal in fortunes singles out XRP, as other crypto heavyweights like Bitcoin (BTC) and ether (ETH) now languish below their vital price thresholds of $30,000 and $1,900, respectively.
The aftermath of the Ripple vs. SEC lawsuit did little to lift the gloom that pervades the crypto world. Though XRP shrugged off this inertia to post a 60% rise since the ruling, the crypto market at large played out a more muted tale. As gauged by the CoinDesk Crypto Market Index (CMI), the broader digital asset sphere had to relinquish all of its gains from last Thursday, slumping half a percent in the same window.
Other altcoins such as Polygon’s MATIC, Solana’s SOL, and Cardano’s ADA, despite their robust rallies last Thursday, too were caught in the downturn storm, logging a complete reversion to the pre-ruling levels. While MATIC and SOL slipped 5% over the week, ADA took a lesser beating, retracting only 2%.
The Ripple effect, though, is far from concluded. The reluctance of some digital asset funds to add XRP to their portfolios stands checked now, fostering a steady buying pressure that could underpin its price. As David Lawant, the head of research at institutional crypto exchange FalconX, opined, “Index funds are one potential source of additional institutional flow I’m still watching.”
The weight of XRP’s formidable $3.5x market cap in the crypto indexes is hard to ignore – it more than triples ADA’s and SOL’s sizes, which so far, are the largest constituents beyond Bitcoin and Ethereum, carrying just over 1% weight. In the event XRP is picked up by the cash-rich crypto indexes, its share could balloon to a staggering 4-5% of the top broad crypto indexes’ constitution. The Ripple juggernaut, it seems, is just getting started.
Source: Coindesk
