XRP Price Skyrockets 10%, Boosting Altcoin Market While Bitcoin Dominance Wanes

In the ever-evolving world of cryptocurrencies, Ripple’s XRP continues to gain momentum, outperforming Bitcoin (BTC) and leading the pack of smaller tokens.

In the past 24 hours, XRP surged by 10%, solidifying its position as one of the top cryptocurrencies by market capitalization.

The recent favorable ruling in the ongoing court battle with the Securities and Exchange Commission (SEC) has played a significant role in boosting XRP’s appeal to investors.

As a result, major exchanges like Coinbase, Kraken, and Bitstamp have relisted XRP, attracting renewed interest and investments in the token.

While Bitcoin and Ethereum remained relatively stable during the day, smaller cryptocurrencies made significant gains. XLM, the native token of the Stellar network, soared by 24%, catching the attention of investors.

Cardano’s ADA and Solana’s SOL also witnessed notable increases, rising by approximately 6%. Even the popular memecoin Dogecoin (DOGE) experienced a 4% boost after a dog-themed tweet from Elon Musk, the CEO of Tesla and a prominent figure in the crypto world.

The recent court ruling in Ripple’s favor has reignited investors’ confidence in XRP and other altcoins. XRP’s price climbed to around $0.84, coming close to its recent high of $0.93, recorded shortly after the court decision.

As the market celebrates the victory, it’s clear that the regulatory uncertainty surrounding XRP has eased, encouraging investors who were previously wary to return.

Interestingly, Bitcoin’s dominance in the overall crypto market has decreased, reaching its lowest level in a month. The BTC dominance rate, which measures Bitcoin’s share of the total market capitalization, pulled back to 49.8% from a recent high of 52% in late June.

This shift indicates that investors are diversifying their portfolios by exploring smaller, riskier tokens like XRP and others in the altcoin space.