XRP Price Jumps. Why the Crypto Is Outperforming Bitcoin. — Barrons.com

By Callum KeownThe price of XRP jumped above the $2.30 level as its recovery gathered momentum Friday, while Bitcoin continued to linger above the $83,000 mark following its recent slump.Cryptocurrencies have rebounded in recent days, and the U.S. stock market's gains Friday seemed to give them another boost.Bitcoin was trading at $83,428, up around 4% for the day. But the popular altcoin XRP was doing better, rising more than 5% to $2.33. XRP, which is used to facilitate transactions on Ripple Labs' digital-payments platform, is firmly in recovery mode now after tumbling below $2 earlier this week for the first time since November.Digital assets have been closely correlated with the stock market in recent weeks as broader negative sentiment has affected riskier assets.But there are signs XRP may be more immune to those pressures. The altcoin has climbed 9% so far in March, compared with the Nasdaq Composite's 6.6% slump and Bitcoin's 1% drop this month.Investors are hoping the continuing legal case between Ripple Labs and the Securities and Exchange Commission will soon end. A resolution, more than four years after the case started, could give the price a further boost.Separately, the Senate Banking Committee voted to advance a stablecoin bill Thursday, in a sign the industry is moving toward clearer regulation. Stablecoins are cryptocurrencies pegged to another asset such as the dollar or gold."The digital asset community — and more importantly, the American consumers — deserve clarity. For far too long, the absence of a regulatory framework has left consumers vulnerable and businesses in the dark," committee chairman Tim Scott said.Write to Callum Keown at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.