In the midst of a crypto market slump, Ripple’s XRP stands out as a top performer, extending its winning streak with a 10% surge.
Smaller tokens are also outperforming bitcoin (BTC), with XLM surging 24% and other altcoins showing notable gains.
This surge comes following a partly favorable court ruling in the ongoing legal battle between the SEC and Ripple, leading to major exchanges like Coinbase, Kraken, and Bitstamp relisting XRP.
As investors return to the market, the BTC dominance rate declines to its lowest level in a month, indicating a shift in focus towards smaller, riskier tokens.
Ripple’s native token, XRP, continues to impress with its recent 10% surge in the past 24 hours, making it the top performer among the top 20 cryptocurrencies by market capitalization.
This winning streak is attributed to the positive impact of a partly favorable court ruling in the SEC vs. Ripple case. As a result, several major exchanges, including Coinbase, Kraken, and Bitstamp, have relisted XRP, leading to increased investments, trading volumes, and open interest for futures contracts.
Not only XRP but also other smaller cryptocurrencies experienced significant gains during the day. The Ripple-adjacent Stellar network’s token, XLM, surged by an impressive 24%.
Cardano’s ADA and Solana’s SOL also showed considerable growth of around 6%. Even the popular memecoin, dogecoin (DOGE), rose by 4% following a dog-themed tweet from Elon Musk, the CEO of Tesla and owner of Twitter.
As altcoins outperformed bitcoin, the BTC dominance rate dropped to 49.8% from its peak of 52% in late June. This decline signals a visible shift in investors’ focus towards smaller, riskier tokens amid bitcoin’s mostly flat trading around $30,000.
