Cryptocurrency XRP focused on payments Rising faster than Bitcoin and ether Investors bought the dip after the stock market crashed earlier in the month.
Since hitting a low of $1.12 on February 6, the price of XRP has risen 38% to $1.55, according to CoinDesk data. In the past 24 hours alone, the price has increased by more than 5%.
This performance puts it well ahead of Bitcoin and Ethereum, which have recovered around 15% since February 6. As of this writing, Bitcoin and Ethereum are changing hands at $69,420 and $2,020 respectively.
XRP’s outperformance against Bitcoin tracks signs of dip buying on Binance following the February 6 crash. CryptoQuant data shows that between February 7 and 9, Binance’s XRP reserves dropped significantly by 192.37 million XRP to 2.553 billion. The 7% drop was the lowest since January 2024, with holdings having remained stable since then.
Analysts often link falling foreign exchange balances to investor accumulation. The logic is that when investors intend to hold tokens for the long term, they prefer to escrow the tokens directly rather than leaving them on an exchange.
Sudden, large withdrawals could reduce available supply, opening the door for price increases. Historical trends reinforce this view. XRP surged from $0.60 to over $2.40 in the last two months of 2024 as balances held on exchanges fell faster.