XRP defies the trend, gaining nearly $7 billion in market cap as Bitcoin (BTC) stumbles

While most cryptocurrencies, led by Bitcoin (BTC), are experiencing a pullback, XRP has defied the trend with sustained buying pressure

Most cryptocurrencies, led by Bitcoin (BTC), are pulling back, but XRP has defied the trend with sustained buying pressure, adding nearly $7 billion to its market capitalization.

At the start of the last 24-hour period, the token’s market cap stood at $139.69 billion. By press time, it had climbed to $146.47 billion, a gain of $6.78 billion, or 4.85%.

At its peak during the period, XRP’s market cap briefly surged to $154 billion, temporarily overtaking Tether (USDT) to become the third-largest cryptocurrency by market cap.

In terms of price action, XRP also posted solid gains, reclaiming the $2.50 level with a 24-hour rise of about 2.5%. On the weekly chart, the token is up 19%.

On the other hand, Bitcoin is currently trading at around $63,800, down 1.5% for the 24-hour period and 11% for the week.

While the pessimism in the market is evident, with major cryptocurrencies like Bitcoin and Ethereum posting weekly losses of over 10%, XRP appears to be holding up better, supported by both fundamentals and technical indicators.

For instance, the asset is trading above its 50-day simple moving average (SMA) of $2.19 and well above its 200-day SMA of $1.90, signalling a strong uptrend in both the short and long term.

Interestingly, XRP has maintained its bullish structure despite notable whale activity that could typically signal selling pressure. Specifically, on May 13, blockchain tracker Whale Alert reported a transfer of 20 million XRP, worth $50 million, to Bithumb. Such moves often precede volatility or corrections.

🚨 🚨 🚨 20,000,000 #XRP (50,123,331 USD) transferred from unknown wallet to #Bithumbhttps://t.co/I3B56cw7j4

Even with a gloomy broader market and on-chain sentiment, XRP appears to be getting a lift from the regulatory front.

To this end, Missouri is poised to become the first U.S. state to eliminate capital gains tax, which could benefit crypto holders, stock investors, and real estate stakeholders.

If passed, the law would allow a 100% income tax deduction on capital gains, including profits from digital assets like XRP.

Meanwhile, anticipation is building around the resolution of Ripple’s ongoing case with the SEC at a time the agency’s Chair, Paul Atkins, has emphasized the need for modernized crypto regulations to support innovation and align with President Donald Trump’s vision of making the U.S. the “crypto capital of the planet.”

Ripple and the SEC have submitted a settlement proposal, which has helped XRP add nearly $100 billion in market cap since its major legal win affirming it is not a security.