XRP Surges 160% Against ETH in Historic Six-Month Winning Streak

XRP, the cryptocurrency associated with Ripple, has achieved a historic milestone by surpassing Ethereum (ETH) in a key metric. According to recent on-chain data, XRP has achieved six consecutive months of positive returns against ETH, marking the first time in the history of the Ripple-affiliated token that it has scored such overperformance against ETH. This trend began in November 2023, when XRP surged by 160% compared to ETH, and continued into 2024; in March, XRP/ETH was up by nearly 20%, and in this month, by 14%. In comparison, over the period from November 2023 to May 2024, XRP scored seven consecutive months of negative performance. In February 2024, XRP dropped by 20.4% against ETH. The momentum could be driven by positive new developments in the Ripple-SEC case and increasing excitement surrounding ETFs. Analysts believe that a spot-based XRP ETF is likely to be approved in the U.S. soon.

In another significant development, a mysterious Bitcoin (BTC) transfer has left the world’s largest crypto exchange, Binance, stunned. On April 17, Whale Alert spotted a BTC transaction carrying 600 BTC worth $50,603,597 from an unknown wallet to Binance. According to blockchain data, the wallet is connected to BIT.com (Matrixport), a centralized exchange with over $101 million in total assets. The transaction moved a total of 699.9999949 BTC, with 600 BTC sent to Binance and the remaining 99.9999949 BTC returned to the Matrixport wallet. The fee for the transfer constituted 0.0000051 BTC, or roughly $0.43. The movement of such a massive amount of BTC to Binance ignited speculation of potential selling activity within the community. Although there have been no further transfers from the Binance address yet, the size and timing of this deposit have sparked discussions about its implications for the market.

In related news, Gary Gensler, the former Chairman of the U.S. Securities and Exchange Commission (SEC), has reacted to the SEC's decision to drop its appeal in the Ripple case. On April 16, Gensler made an appearance on CNBC’s program. During his interview, Gensler commented on the regulatory agency’s unexpected decision to drop enforcement cases against major crypto companies, including Ripple, Kraken and Coinbase. Gensler refrained from commenting on specific cases, arguing that "almost 99%" of the crypto field is based on sentiment. The former SEC chair added that while "something like Bitcoin" may persist due to "real keen interest" in it, the overall reliance on sentiment could lead to negative outcomes for many cryptocurrencies. "If this is just about sentiment, then, generally, those don’t end up well, and most then go down," he said.

This decision by the SEC to drop the appeal in the Ripple case is seen as a victory for Ripple and its supporters, who have long argued that XRP should not be classified as a security. This development could pave the way for other cryptocurrencies to challenge similar regulatory actions, potentially leading to a more favorable regulatory environment for the industry as a whole. The recent events surrounding XRP, Bitcoin, and the SEC's actions highlight the dynamic and ever-changing nature of the cryptocurrency market. As digital assets continue to gain mainstream attention and adoption, regulatory clarity and market stability will be crucial for their long-term success. The cryptocurrency community will be closely watching these developments, as they could shape the future of digital currencies and their integration into the global financial system.