XRP Becomes Fourth Largest Crypto After Ripple's Partial Win Over SEC
XRP becomes 4th largest crypto after Ripple’s partial win over SEC

Ripple (XRP) Market Cap Surges After SEC Victory

On July 13, Ripple Labs achieved partial victory against the Securities and Exchange Commission (SEC) and as a result, Ripple (XRP) has become the fourth largest cryptocurrency by market capitalization.

Just a few hours after the ruling, XRP’s market cap skyrocketed by an impressive $21.2 billion, reaching a yearly high of $46.1 billion. This allowed XRP to overtake both Circle’s USD Coin (USDC) and Binance’s BNB (BNB) token. At the time of writing, Ripple’s market cap has settled to $42.5 billion.

The sudden surge of XRP came after the District Court for the Southern District of New York declared that the “offer and sale of XRP on crypto exchanges did not amount to offers and sales of investment contracts” in the case involving Ripple Labs and the SEC.

Elon Musk and Crypto

In the wake of Elon Musk’s decision, the price of XRP skyrocketed by as much as 98%, reaching a peak of $0.93 according to data from TradingView. This sudden surge in demand for XRP caused U.S. crypto exchange Uphold to experience an “unprecedented” spike in volume, leading to its temporary shutdown.

The new ruling has also led to a number of U.S. exchanges, such as Coinbase, Kraken and iTrustCapital, to re-list XRP on their respective platforms.

The crypto world has been abuzz with news about Elon Musk and his impact on the crypto market. Many have been eagerly awaiting his decision about the future of crypto, particularly XRP, and it seems that the surge of activity following his decision has not disappointed.

The Gemini exchange, owned by the Winklevoss brothers, has hinted that it might re-list XRP in the near future. This news comes after Elon Musk’s crypto investments, the launch of Gala Crypto Today, and the emergence of crypto stocks such as Elongate Crypto, Dot Crypto, and Harmony Crypto, which have all contributed to the death of many other cryptocurrencies.

Categorized in:

Tagged in: