Crypto Markets Analysis: Along with XRP’s strong week, 172 of 186 CoinDesk Indices assets finished in positive territory. GWilliamsJr_CMT reports
A favorable U.S. District Court ruling led to XRP’s second largest daily move in its history.While bitcoin and ether generally comprise the lion’s share of conversation in crypto markets, a ruling in the U.S. District Court for the Southern District of New York, pushed another digital asset onto center stage this week.that the sale of XRP tokens on exchanges and through algorithms do not constitute investment contracts.
The XRP move dwarfs the bitcoin and ether’s respective -0.33% and 2.7% performance this week, nudging its two larger contemporaries to the background for the time being. The surge raised XRP’s market capitalization to $41 billion, moving it past BNB into fourth place among largest crypto assets. The asset still remains far-removed from its all-time high of $3.38, but the ruling effectively amounts to a re-pricing of the asset.
XRP’s 88 reading is the 10th highest in the asset’s history. On the 11 occasions when XRP’s daily reading has hovered between 79 and 81, it has gained 29.5% in the ensuing 30 days. XRP prices retraced by a moderate amount in Friday trading, declining 15% in line with a decrease in crypto prices across the board. BTC and ETH fell by 4.2% and 4.6%, respectively.CMI rose as much as 6.8% this week with 172 out of 186 CMI assets finishing the week in positive territory. While XRP was the clear leader, Stellar Lumens was the number two performer in the CMI, up 48.6%. XLM’s performance often mirrors XRP’s as both assets are highly correlated, historically.
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