Ripple’s XRP Takes The 4th Largest Cryptocurrency Position Of BNB After Over 2 Years

Key Points:

• Ripple achieves a legal victory against the SEC, leading to a surge in XRP’s value.
• XRP surpasses Binance’s BNB in crypto market capitalization rankings.
• Centralized exchanges consider relisting XRP following the positive court ruling.

In a significant turn of events, Ripple has achieved its first victory in its protracted legal battle against the U.S. Securities and Exchange Commission (SEC), leading to a surge in the value of its cryptocurrency, XRP. As a result, Ripple’s XRP has now overtaken Binance’s native token, BNB, in the crypto market cap rankings.

The courtroom victory came as the District Court for the Southern District of New York ruled that XRP sales through secondary markets were not considered securities. This decision provided a major boost to Ripple and its cryptocurrency, which experienced a significant increase in value following the ruling. XRP climbed into the fourth position in terms of market capitalization, trailing behind only Tether (USDT), Ether (ETH), and Bitcoin (BTC).

However, it’s important to note that the court also deemed Ripple’s direct sale of XRP to institutions and other parties as a violation of securities laws. The SEC filed a lawsuit against Ripple in late 2020, accusing the company of selling unregistered securities after it sold $1.3 billion worth of XRP. This legal action resulted in several exchanges delisting XRP and created a challenging environment for the cryptocurrency. Despite these setbacks, the recent ruling has breathed new life into XRP and sparked a surge in its value.

Previously, BNB had a market capitalization more than double that of XRP at the beginning of the year, with $44 billion compared to XRP’s $18 billion. However, the recent ruling dramatically altered the landscape.

Ripple’s legal victory has had a profound impact on the market. BNB’s market capitalization currently stands at $40.1 billion, just 2.4% below XRP’s valuation of $41.1 billion, according to data from CoinMarketCap. XRP experienced a substantial intraday surge, reaching a high of $0.935, which represents a doubling of its previous daily closing price of $0.47.

The increase in XRP’s market capitalization has been accompanied by a decline in Binance’s BNB token value. Binance, along with Coinbase, has faced regulatory scrutiny from the SEC, leading to losses for BNB. This downturn for BNB, coupled with XRP’s legal victory, has contributed to XRP surpassing BNB in terms of market cap.

The positive outcome of the court ruling has prompted centralized exchanges to consider relisting XRP. Crypto.com, Kraken, Binance.US, and Gemini have already taken steps in this direction, with Gemini actively exploring the possibility of relisting XRP for both spot and derivatives trading.

Stuart Alderoty, Ripple’s General Counsel, expressed his satisfaction with the ruling, describing it as a “huge win.” He emphasized that the court’s decision affirms XRP’s status as a non-security and also validates the legitimacy of XRP sales on exchanges. Alderoty further highlighted the need for a more rational conversation about crypto regulation in the country, suggesting that this ruling could set the stage for such discussions.

While this victory marks a significant milestone for Ripple, the legal journey is far from over. The case will now proceed to trial, indicating that there may be further developments in Ripple’s fight against the SEC. Nevertheless, the positive figures and XRP’s resurgence indicate an optimistic outlook for Ripple and its cryptocurrency moving forward.

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