XRP decouples from Bitcoin and hits 6-year high

XRP, the digital asset associated with Ripple Labs, has decoupled from Bitcoin (BTC) and recorded a notable price increase. While BTC is up slightly by 0.40% in the last 24 hours, XRP is up over 10%, showing its independence from the leading cryptocurrency.

XRP hits six-year high

According to data from CoinMarketCap, XRP is up 10.05% to $1.62 in the last 24 hours. This price is a huge achievement for XRP, the highest since 2018.

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It also shows XRP’s resilience despite a broader market price reversal and Ripple’s ongoing legal challenges with the US Securities and Exchange Commission (SEC).

XRP rose from the previous day’s low of $1.44 to an intraday high of $1.61 before settling at the current price. Daily trading volume increased by 10.6% to $8.4 billion, indicating that investors are ready to accumulate the coin.

Meanwhile, the entire crypto market is showing mixed sentiment. For example, Ethereum (ETH) and SUI prices have fallen by 1.6% and 7.03%, respectively, in the last 24 hours. On the other hand, Solana (SOL), BNB, and Avalanche (AVAX) prices increased by 2.09%, 0.12%, and 1.18%, respectively, during the same period.

Renewed optimism towards XRP

The renewed optimism surrounding XRP follows the possible overhaul of the US crypto regulatory landscape.

US Securities and Exchange Commission Chairman Gary Gensler will step down from his position, boosting community hopes for impending reforms. With the US Securities and Exchange Commission (SEC) led by a more crypto-friendly chairman, the long-running legal battle between Ripple and the SEC may soon be coming to an end.

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Additionally, the market is bullish on the approval of XRP Exchange Traded Funds (ETFs) in the US. An ETF is expected to stimulate institutional interest in XRP and lead to more bullish price results.

U.Today reported that Bitwise recently renamed its XRP Exchange-Traded Product (ETP) to Bitwise Physical XRP ETP. Other asset managers such as Canary Capital and 21Shares have also chosen the XRP ETF product.