Ripple (XRP), the fourth largest cryptocurrency, has surged by an impressive 10% in the past 24 hours, aiming for the $0.7 mark. This substantial growth has outshone many other cryptocurrencies, including Bitcoin, which has remained stable around $35K despite a modest 2% weekly increase. Bitcoin’s static performance has led to its market dominance dropping below 50%, sparking a surge in altcoins.

Among the altcoins, NEO and KuCoin’s KCS have experienced significant gains, with NEO rising by 14% and KCS by 11%. In contrast, Solana (SOL) has paused its rally, and EGLD witnessed an 8% daily decrease despite holding a nearly 50% weekly increase.

XRP’s surge can be attributed to increasing institutional interest and Ripple’s recent approvals to operate in Georgia and Dubai. Additionally, the accumulation of XRP by ‘whales,’ or large holders, is believed to have positively influenced its price. According to Santiment, a cryptocurrency analysis platform, wallets holding between 100,000 and 1 billion XRP have reached their highest level in 2023.

Despite minor fluctuations, XRP reached a three-month high last week, rising by 23% against Bitcoin, highlighting its potential in the competitive cryptocurrency market.