XRP outperforms BTC by 18% since February 6 crash
Since a February 6 mistake by Bithumb that crashed crypto markets, XRP has recovered decisively.
Although today is a bank holiday in the US, bankless crypto markets continue ‘round the clock as usual. XRP is decisively outperforming bitcoin over the last week, up nearly 4% versus bitcoin’s 2% drop.
More impressively, XRP has rallied an extra 18% relative to bitcoin from their February 6 lows. There is a reason for its outperformance since Bithumb unfairly crashed the market on that day.
Quick note before we continue, high-volatility periods like this are where smart traders focus on execution, risk management, and reliable platforms. More on that below.
Market Context
As readers of this newsletter will remember, the giant South Korean crypto exchange Bithumb accidentally sent 2,000 paper bitcoin to hundreds of its customers on February 6, momentarily flooding its trading pairs with tens of billions of dollars worth of extra supply.
As Bithumb customers rushed to sell, critical reference prices for bitcoin and other major crypto assets like XRP crashed due to cross-exchange arbitrageurs.
After wicking below $1.12 during the panic, XRP has recovered confidently above $1.48 as of writing time. Bitcoin, in contrast, wicked to $60,000 and now trades near $67,700.
In other words, XRP has rallied 32% versus a mere 13% for bitcoin. Unsurprisingly, XRP, with its extra 18% recovery, continues to demonstrate its strong resilience amid adverse market conditions.
News
XRP outperforms bitcoin since February 6 crash (Coindesk)
X to integrate crypto trading directly into X Timelines (BeInCrypto)
US Treasury Secretary advocates for stablecoin Clarity Act (Reuters)
Animoca Brands gains broker-dealer license in Dubai (Coindesk)
Nexo returns to US after 3yr hiatus, will sell yield products again (Reuters)
Two Senate Banking Committee members ask for CFIUS review of UAE 49% stake in Trump’s World Liberty Financial (Reuters)
Proposed class action against Steve Bannon for Let’s Go Brandon Coin (Reuters)
Strategy says it can withstand a bitcoin price drop to $8,000 (X)
Lower House in Netherlands passes 36% unrealized capital gains bill to Senate (NLTimes)
Your Bonus
As mentioned earlier, Volatile markets demand reliable execution. BTCC is offering our readers a 10% deposit bonus on crypto deposits. This is beneficial for active traders seeking extra capital efficiency during periods of volatility. Campaign is limited, secure access while it lasts.
Nothing in this newsletter is financial or investment advice. We summarize news for informational and entertainment purposes only. We do not provide advisory services, guidance, or information regarding trading or investing. Past performance is not indicative of future results.
Relative strength 🏋