In a stellar year for XRP, the crypto asset has outperformed some major altcoins buoyed by Ripple’s legal successes.
The cryptocurrency market has largely rebounded in 2023, shaking off the troubles of a lingering winter and bringing fresh hopes of a bullish cycle.
Amid the rebound, many popular altcoins have outperformed other investment asset classes, and XRP is among the winners within the top ten cryptocurrencies by market capitalization.
Data curated by the industry-leading tracker CoinGecko shows that XRP has gained a massive 64% since the start of the year. This remarkable increase means the coin has recorded better returns than other major competitors on the top 10 list.
Top 10 crypto performance, year-to-date ?
We're well into October 2023, with #Bitcoin and #Ethereum gaining 106% and 50% respectively.
Where do you see the market heading next? pic.twitter.com/Dl9BKeNshU
— CoinGecko (@coingecko) October 25, 2023
Specifically, XRP’s returns beat Ethereum (ETH), Cardano (ADA), Binance Coin (BNB), Dogecoin (DOGE), and The Open Network (TON). Notably, four of these altcoins have posted negative returns in one of crypto’s best-performing periods since 2021.
According to the Coingecko data, ADA, DOGE, BNB, and TON have dropped 20%, 13%, 8%, and 1%, respectively, since the turn of the year. BNB notably has been affected by legal woes facing Binance after the United States Securities and Exchange Commission (SEC) sued Binance and its CEO, Changpeng Zhao (CZ).
Meanwhile, other coins within the top 10 have benefited from improved market conditions. Solana (SOL), Bitcoin (BTC), and Chainlink (LINK) lead the race with triple-digit returns of 214%, 106%, and 105% returns, respectively. Tron (TRX) and Ether (ETH) have also increased by 70% and 50%.
XRP Returns Backed By Ripple’s Legal Victories
The impressive returns posted by XRP have largely been buoyed by Ripple’s success in securing regulatory certainty for the crypto asset. XRP saw double-digit gains in July after the U.S. District Court ruled that secondary asset sales did not constitute securities transactions.
On the positive news, XRP surged to $0.93 but has since retraced to its current market price of $0.55 as investors wait for a full resolution.
Last week, The Crypto Basic reported that Ripple drew closer to such an outcome after the SEC willingly pulled out of related cases against Ripple executives Brad Garlinghouse and Chris Larsen. It remains to be seen if the warring parties can fully agree in the coming months.