XRP broke into the 4th place in the ranking of cryptocurrencies, displacing BNB
Date: 2023-07-15 Author: Karina Ziganova Categories: BLOCKCHAIN
The project's native token Ripple (XRP) broke through to fourth place in the ranking of cryptocurrencies with the largest market capitalization, displacing BNB Coin
Thursday's historic decision that Ripple did not violate federal securities laws by selling XRP on crypto exchanges led to a rapid increase in the price of the XRP token, and its market capitalization surpassed that of BNB. This allowed XRP to be in the position of the fourth largest cryptocurrency.
XRP Beats BNB Coin in Cryptocurrency Ranking
Yesterday, the court for the Southern District of New York ruled in favor of Ripple Labs in a protracted case brought by the US Securities and Exchange Commission (SEC) back in 2020. The court recognized that the sale of the native token of the XRP project is not an offer of investment contracts. This means that XRP is not considered a security.
Against the backdrop of Ripple's victory in court, the crypto market went up, and XRP expectedly recorded the best result in the top 100 most capitalized cryptocurrencies. The growth of the coin at the moment reached almost 100%. Later it became known that yesterday's growth of XRP cost shortists $290 million.
XRP ranked fourth in terms of market capitalization. At the time of writing, the coin was trading around $0.7873 with a market capitalization of over $41.21 billion.
BNB gave way to XRP after the price of the Ripple project's token almost doubled on Thursday. At the time of writing, the market capitalization of the BNB coin was $40.17 billion, which is about $1 billion less than that of XRP.
Things got off the ground
The XRP community is jubilant as the three-year legal battle has almost come to an end, and the price dynamics reflect this sentiment. Some cryptocurrency exchanges, such as Kraken, Coinbase and Binance.US, have already begun to list XRP again amid the company's victory over the SEC in court. The resumption of XRP trading has already been announced by Gemini and Coinbase.
Some industry participants believe that this decision will set a precedent for other cryptocurrencies recognized by the SEC as securities.
However, it should be borne in mind that the judicial saga is far from over, and Ripple may still face legal problems in the future.
