Second-Biggest Pump Ever: XRP Surpasses Dogecoin in All-Time Returns
XRP experienced a significant price rally after a US district court ruled that sales of the token on crypto exchanges were not securities. The news boosted the XRP price by 96% in just under three hours, although it has since retraced around 25% from its local highs. This rally was the second-largest intraday rally in XRP’s 10-year history, surpassing previous rallies during the 2017 bull market. The rally coincided with reports that MUFG, Japan’s largest bank, had joined an interbank working group to promote the adoption of Ripple payment rails.
While XRP is still down 75% from its all-time high, the crypto market as a whole has grown significantly, with the total market capitalization reaching $1.25 trillion after 4,000% growth in six years. In terms of intraday price pumps, XRP’s recent rally ranked 15th among cryptocurrencies, with dogecoin holding the top two spots. Dogecoin experienced a 358% surge in December 2013 and a 344% surge in January 2021. Bitcoin had seven intraday pumps, with its biggest being a 241% surge in July 2010.
However, it is important to consider the time bias and the fact that crypto markets are always online, unlike traditional stock markets with defined trading hours. The analysis focused on intraday pumps based on midnight UTC as the end and beginning of trading periods. Additionally, there may be larger pumps on specific exchanges that were not reflected in the results.
Ultimately, long-term returns are more significant than one-day pumps. Bitcoin has outperformed other cryptocurrencies with gains of up to 80 million percent since 2009. XRP and dogecoin have had similar returns throughout their history, with XRP surpassing dogecoin’s returns after the recent rally.
In conclusion, XRP experienced a notable price rally following a court ruling, making it the second-largest intraday rally in its history. Despite being down from its all-time high, the overall crypto market has grown significantly. Dogecoin holds the top two spots for intraday pumps, while bitcoin dominates in terms of long-term returns. XRP and dogecoin have had similar returns throughout their history.
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