- XRP has surpassed Binance Coin (BNB) to become the fourth-largest cryptocurrency globally after experiencing a 22% surge, altering the rankings by market capitalization.
- The rise in XRP’s value is linked to multiple legal victories for Ripple in its battle with the SEC, distinguishing the differing fortunes of these two cryptocurrencies.
In the midst of the evolving landscape of the cryptocurrency market, a significant reshuffling of the top assets by market capitalization has occurred. XRP, the digital asset associated with Ripple, has triumphed over Binance Coin (BNB), securing the position of the fourth-largest cryptocurrency globally. This monumental leap took place following a remarkable 22% surge in XRP’s market value.
XRP’s newfound status as the fourth-largest cryptocurrency reflects a pivotal moment driven by recent legal victories for Ripple. These victories in their legal battle with the United States Securities and Exchange Commission (SEC) have propelled XRP’s market performance, signifying a triumph distinguishing its trajectory from that of Binance Coin.
The ongoing legal saga involving Ripple and the SEC has notably influenced the market dynamics. Ripple’s consecutive wins in court, affirming that XRP isn’t a security when traded on the secondary market, have contributed significantly to the surge in XRP’s value. The withdrawal of pending cases against Ripple executives and the increasing investor confidence in a potential settlement have bolstered XRP’s upward momentum.
This surge in XRP’s value stands in stark contrast to Binance Coin’s struggle. Despite efforts, Binance has encountered hurdles in its legal disputes with the SEC, impacting its market performance. The SEC’s lawsuit against Binance and its CEO, Changpeng Zhao, earlier in the year resulted in a significant drop in BNB’s price, impeding its growth even amid a broader recovery in the crypto market.
While BNB remains down by 1% on the year-to-date (YTD) chart, XRP has shown substantial growth, doubling its price from the beginning of the year. Opening the year at $0.33, XRP currently sits at around $0.681, showcasing an impressive upward trajectory.