XRP market cap surges as shiba inu leaves Binance’s innovation list
In a recent YouTube video by The Wall Street Bull, the daily market update touched on the $8 billion inflows into XRP market cap, Shiba Inu’s removal from Binance’s innovation list, and U.S. Congressman Warren Davidson’s petition to remove Gary Gensler from his position as SEC Chairman.
Ripple’s XRP has experienced an impressive $8.85 billion inflow in market cap within a month, bringing its total market cap to $26.93 billion. The XRP Ledger and XRP functioning independently of Ripple’s products demonstrate that XRP was not initially priced into the Liquidity Hub.
Notably, Ripple partner transactions between the U.S. and Mexico surged to $3.3 billion last year, three times the amount of the previous year.
In contrast, Binance has moved shiba inu (SHIB), FXS, Trust Wallet token, and 1inch out of its innovation zone. The number of addresses holding shiba inu for over a year has reached an all-time high of 835,000.
U.S. Congressman Warren Davidson announced plans to introduce legislation to remove Gary Gensler as SEC Chairman and replace the position with an executive director. This follows the SEC’s announcement that it will revisit the proposed redefinition of an exchange.
Crypto advocacy groups have criticized the proposed rule amendments as an overreach that could harm participation in the cryptocurrency space.
Amidst these developments, bitcoin’s (BTC) dominance has declined nearly 4% in the past week due to ethereum’s rally following the successful Shapella upgrade on April 12th.
Analysts believe an altcoin season might be on the horizon as ethereum (ETH) and altcoins lead a 24-hour volume and witness a large open interest shift. Kathy Wood remains bullish on bitcoin and ether, stating that they are acting as risk-off assets and a flight to safety for investors amid macroeconomic uncertainty.