XRP rises 60% weekly, going against the market slump ── Bitcoin breaks $ 30,000 | CoinDesk JAPAN | Coin Desk Japan

XRP (XRP) outperformed most crypto assets (virtual currencies) on the 18th. The market rose last week after Ripple won a partial victory in a lawsuit against the SEC, but it appears to have come to a halt.

XRP is the best performer among the top 25 crypto assets by market cap over the past 24 hours, up 3.6%. It once again took fourth place by market capitalization, surpassing Binance Coin (BNB).

Both Bitcoin (BTC) and Ethereum (ETH) have fallen from yesterday’s highs to near the psychologically important levels of $30,000 and $1,900.

“The Ripple vs SEC ruling did not result in a broad and sustained uptick in crypto assets,” said David Lawant, head of research at institutional crypto exchange FalconX.

XRP has risen about 60% since the ruling, although it has partially rebounded from yesterday’s gains. Meanwhile, the CoinDesk Crypto Market Index (CMI), which tracks the performance of the cryptocurrency market as a whole, has lost all of its gains on Thursday, dropping 0.5% since the ruling.

Major altcoins such as Polygon (MATIC), Solana (SOL), and Cardano (ADA) also surged yesterday, but fell back to pre-judgment levels. Polygon and Solana are down 5% over the past week, while Cardano is down 2%.

While the upswing led by XRP may be all but a thing of the past, the addition of XRP to its holdings by crypto funds could put buying pressure on prices for XRP.

“Index funds are one potential source of buying pressure from institutional investors that I continue to focus on,” Lawant said, adding, “XRP has a market cap of more than 3.5 times that of Cardano and Solana, and is generally the largest component outside of Bitcoin and Ethereum, with a weight of just over 1%.

｜Translation: CoinDesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Weekly trend of XRP (CoinDesk)
｜Original: XRP’s 60% Weekly Gain Defies Broader Crypto Slump as Bitcoin Stalls Below $30K