XRP Registers Gains Despite Negative Crypto Market Results

After a fairly long period of trading in a relatively narrow range, XRP appears to be defying the mostly negative results of the broader crypto market by registering gains over the past day.

XRP has appreciated by just over 8% in the last 24 hours, reaching around $0.646 at the time of writing, the highest since March 25, fueled by optimism surrounding the potential settlement of the SEC’s lawsuit against Ripple and the planned unlocking of tokens.

Traders are interpreting the recent SEC filing, which hints at an amendment to the complaint against Binance without naming tokens, as a positive sign for the resolution of the case against Ripple.

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XRP Registers Gains Despite Negative Crypto Market Results

This spurs bullish sentiment despite Ripple’s planned unlocking of 1 billion XRP.

This market optimism comes despite the logical expectation that an increase in token supply will lead to a drop in prices. However, research suggests that the additional liquidity from unlocking the tokens may actually support the bullish trend.

In contrast to XRP’s performance, the crypto sector’s market cap has lost just over 0.4% in the past 24 hours. Bitcoin (BTC) and Ethereum (ETH) also registered losses of 0.9% and 0.6% respectively over the same time period.

Kosta Gushterov