Ripple (XRP) breaks losing streak against Bitcoin (BTC) price; Crypto Rally Expands to Litecoin (LTC), AVAX, ADA, DOT

Ripple (XRP), the native cryptocurrency of the XRP Ledger payment network developed by Ripple Labs, rose over 20% on Monday, breaking its downtrend against Bitcoin (BTC) as the crypto rally extended.

CoinDesk data shows that XRP rose sharply to $0.74 in just over an hour on Monday afternoon (UTC time), reaching its highest price since a very short-lived surge last November, as speculation about a speculated on a possible XRP ETF managed by BlackRock. Today's 20% gain made XRP the best-performing asset in the broad-based CoinDesk 20 Index (CD20), gaining 5%.

While Bitcoin had already reached record highs and some areas of the crypto space such as meme coins and artificial intelligence (AI) tokens were seeing exorbitant gains, XRP has been noticeably absent from the action so far. Compared to Bitcoin, XRP had fallen to a 3-year low before today's move, data from TradingView shows. Even with this afternoon's big jump, XRP is only up 17% year to date, well below BTC's 64% rise and the broader market CoinDesk 20 Index's 54% rise.

XRP's rally could be a sign that traders are turning their attention and shifting some of their capital to tokens that have not yet moved as the rally in digital asset markets expands.

Other older cryptocurrencies such as Litecoin (LTC) and Dash (DASH), which have also been laggards in recent months, also saw a sharp rise in the last 24 hours, gaining 18% and 9%, respectively. Avalanche’s AVAX, Polkadot’s DOT, and Cardano’s ADA rose 8-13% during the day.

While there was no apparent catalyst immediately prior to XRP's price action, large token moves from crypto exchange Binance sparked speculation among crypto watchers.

Blockchain data tracker Whale Alert recorded a transfer of 300 million XRP – worth about $187 million at the time – leaving the Binance address and being deposited into an unknown wallet.

The transfer was then followed by a series of similar outbound transactions – each worth 18-19 million XRP – from Binance, which were deposited to different addresses.

The transactions could potentially indicate whales – large crypto investors – accumulating XRP ahead of the surge, but could also be a result of the exchange moving coins to new addresses as part of internal wallet maintenance.

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