XRP Has Surpassed Cardano and Solana To Become The 6th Most Valuable Cryptocurrency.
After a 20% gain, XRP has risen above the two biggest Ethereum’s rivals.
According to CoinMarektCap, the Ripple-affiliated cryptocurrency XRP has overtaken Cardano and Solana to become the sixth-largest cryptocurrency by market capitalization.
The cryptocurrency has gained 20% in the last 24 hours, considerably surpassing other major cryptocurrencies.
Despite the current market sell-off and the uncertainty surrounding Ripple’s legal dispute with the US Securities and Exchange Commission, XRP is up 5% this year.
According to Fox Business’ Charles Gasparino, the lawsuit is expected to last far into the summer. He went on to say that the publication of the Biden administration’s executive order on cryptocurrencies might tilt the scales in favor of the SEC by “possibly” designating the contentious token as an unregistered securities.
According to reports, the expert discovery phase was recently extended until February 28 at the request of both parties. Due to the delay, more depositions have been held.
Ripple general lawyer Stuart Alderoty recently requested the SEC to expedite the Ripple lawsuit.
Ripple CEO Brad Garlinghouse and co-founder Chris Larsen’s simultaneous applications to dismiss the case have yet to be granted by US District Judge Analisa Torres. The court has still yet to rule on the SEC’s request to dismiss the defendants’ main “fair notice” claim. In order to boost its efforts, the regulator has submitted two letters of supplementary authority.
Due to the Ripple lawsuit, XRP fell 70% in December 2020, prompting exchanges to cease trade in the United States. Despite its recovery, the token remains one of the few major currencies that failed to set a new all-time high during the most recent bull cycle.
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