Ripple’s XRP, the digital asset associated with Ripple Labs, has witnessed a remarkable surge in market capitalization following the company’s partial victory in its legal battle against the U.S. Securities and Exchange Commission (SEC) on July 13. Within hours of the court ruling, XRP’s market cap experienced a staggering increase of $21.2 billion, reaching a new yearly high of $46.1 billion. This boost propelled XRP to secure the fourth position among cryptocurrencies by market capitalization, surpassing Circle’s USDC and Binance’s BNB token. Presently, Ripple’s market capitalization has stabilized at around $42.5 billion.
XRP displaces USDC and BNB to climb to fourth
The significant surge in the token’s market cap occurred immediately after the District Court for the Southern District of New York declared that the sale and offering of the asset on digital asset exchanges did not fall within the category of investment contracts. This ruling emerged from a case involving Ripple Labs and the SEC. In response to the court’s decision, the price of XRP experienced a remarkable upswing, rising by as much as 98% in the hours following the announcement. At its peak, XRP reached a price of $0.93, as reported by TradingView.
The sudden rush to purchase the coin led to an unprecedented surge in trading volume, causing U.S.-based crypto exchange Uphold to temporarily halt its services. The exchange witnessed an overwhelming 50-fold increase in trading volume, which exceeded the platform’s capacity. Uphold had been one of the few larger U.S. exchanges that continued to offer XRP sales, while other platforms chose to delist the token.
In the wake of the court ruling, several major U.S. exchanges have begun taking steps to relist XRP on their platforms. Coinbase, Kraken, and iTrustCapital have all announced their plans to make it available for trading once again. Gemini, the crypto exchange owned by the Winklevoss twins, has also hinted at its intention to relist the token soon.
Exchanges announce plans to relist the asset
The renewed interest from these exchanges underscores the market’s positive response to the court ruling and the newfound regulatory clarity surrounding the token. The legal victory has provided Ripple and its associated token with an opportunity for a resurgence in the cryptocurrency landscape. As exchanges prepare to relist XRP, investors and enthusiasts eagerly anticipate the potential growth and opportunities this development may bring.
It is important to note that Ripple’s legal battles with the SEC are ongoing, and the court ruling represents only a partial victory for the company. Nevertheless, the outcome has had a significant impact on its token’s market performance, reinforcing its position as one of the leading cryptocurrencies. Moving forward, the relisting of XRP on major exchanges is expected to further enhance its liquidity and trading volume, potentially driving its value and market capitalization even higher.
In conclusion, Ripple’s XRP has experienced a remarkable surge in market capitalization, propelling it to the fourth position among cryptocurrencies, following a favorable court ruling in its legal battle against the SEC. The newfound regulatory clarity has led to an influx of interest from major U.S. exchanges, with Coinbase, Kraken, iTrustCapital, and Gemini preparing to relist XRP. As the cryptocurrency landscape continues to evolve, the relisting of XRP presents new opportunities for investors and enthusiasts alike, potentially shaping the future trajectory of this digital asset.