Ripple’s XRP Soars to Become Fourth Largest Cryptocurrency After SEC Victory
Ripple's XRP has surged to become the fourth largest cryptocurrency by market capitalization following Ripple Labs' partial victory over the SEC. XRP's market cap increased by $21.2 billion, reaching a new yearly high of $46.1 billion. This propelled XRP past Circle's USD Coin (USDC) and Binance's BNB token. However, its market cap has settled at $42.5 billion.
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The favorable court ruling determined that the sale and offer of XRP did not violate securities laws. Immediately after the decision, XRP's price soared by up to 98%, reaching $0.93. The surge in demand caused disruptions for Uphold, a U.S.-based exchange, leading to temporary technical difficulties.
Following the court ruling, major U.S. exchanges such as Coinbase, Kraken, and iTrustCapital have started the process of relisting XRP. Gemini, owned by the Winklevoss twins, has also hinted at relisting XRP in the near future. This outcome has solidified XRP's position as the fourth largest cryptocurrency and generated renewed interest from prominent U.S. exchanges.
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