Why XRP Is Outperforming Bitcoin Today

The cryptocurrency market is posing a recovery at press-time after the slump over the last two days that saw Bitcoin (BTC) retreat from an all-time high of $41,962.36 to near-$30,000 levels.

Bitcoin has recovered 4.35% in the 24-hours leading to press-time at $36,280, with a market dominance of 68.5%. Ethereum (ETH), the world's second-largest cryptocurrency, is up 4.29% at $1,140.

See also: How to Buy Ripple (XRP)

Yet, the one stealing the show among the large-cap cryptocurrencies is XRP (XRP), which is trading above the crucial $0.30 mark at press time.

XRP has added 10.1% over 24 hours and 31.6% over seven days.

The surge comes as Ripple Labs Inc. — the Silicon Valley company behind XRP — announced that former Amazon.com Inc. AMZN Vice President of Delivery Experience Devraj Varadhan has joined the payments network as the senior vice president of engineering.

Ripple's all-star engineering team continues to grow – thrilled to welcome Dev as our new SVP of Engineering! https://t.co/OH5ceDOX4K

— Brad Garlinghouse (@bgarlinghouse) January 11, 2021

“Just as the internet was the driving force behind many of today’s leading companies, blockchain has the potential to fundamentally change our current financial system and bring billions of unbanked people into the financial ecosystem and accelerate financial inclusion globally,” the former Amazon executive said on his motivation to join Ripple.

XRP has been troubled in the face of a lawsuit from the U.S. Securities and Exchange Commission on whether the cryptocurrency qualifies as a security.