XRP Decouples From Bitcoin (BTC), Hits Six-Year High of $1.62 Despite Ongoing Legal Challenges

XRP, the digital asset associated with Ripple Labs, has decoupled from Bitcoin (BTC), showcasing remarkable price growth.

XRP, the native digital asset of Ripple Labs, has exhibited remarkable price growth, decoupling from Bitcoin (BTC) as it surges over 10%. In contrast, BTC rose slightly by 0.40% over the last 24 hours.

Despite the broader market price reversal and Ripple's ongoing legal challenges with the U.S. Securities and Exchange Commission (SEC), XRP managed to hits a six-year high.

According to CoinMarketCap, XRP was up 10.05% to $1.62 in the last 24 hours. This price marks a significant achievement for XRP, being the highest recorded since 2018.

XRP price began the day on a bullish note with a price of $1.44. It then rose steadily, reaching an intraday high of $1.61 before settling at its current price of $1.62. Notably, the digital asset encountered resistance at the $1.64 level.

Furthermore, the daily trading volume for XRP also increased by 10.6%, reaching $8.4 billion. This surge in trading volume indicates investors' willingness to accumulate the coin.

Meanwhile, the total crypto market displayed mixed sentiment as some prices decreased while others increased. For instance, ETH and SUI prices decreased by 1.6% and 7.03%, respectively, in the last 24 hours. On the other hand, SOL, BNB and AVAX prices rose by 2.09%, 0.12% and 1.18%, respectively, within the same time frame.

The renewed optimism around XRP can be attributed to several factors, including the potential overhaul of the U.S. crypto regulatory landscape.

With the U.S. SEC chair, Gary Gensler, set to leave office, the community's hopes for upcoming reforms are high. If the U.S. SEC is led by a more pro-crypto chairman, the long-standing legal battle between Ripple and the SEC could come to an end.

Moreover, the market is also anticipating the approval of XRP Exchange-Traded Funds (ETFs) in the U.S. An ETF is expected to drive institutional interest for XRP, leading to more bullish price outcomes.

Earlier, U.Today reported that Bitwise recently changed the name of its XRP Exchange-Traded Product (ETP) to the Bitwise Physical XRP ETP. Other asset managers, such as Canary Capital and 21Shares, have also made attempts to launch XRP ETF products.