XRP has now surpassed BNB to become the fourth-largest digital asset by market capitalization following the landmark court decision.
| # | Name | Price | 24H % | Market capitalization | 24H Vol |
|---|---|---|---|---|---|
| 1 | Bitcoin | $31,313.35 | +2.97% | $608,382,242,056 | $25,742,885,697 |
| 2 | Ethereum | $2,006.04 | +7.07% | $241,135,375,943 | $12,574,214,439 |
| 3 | Tether | $1,00042 | +0.06% | $83,469,496,743 | $47,877,965,097 |
| 4 | XRP | $0.78891 | +67.5% | $41,452,503,749 | $12,916,795,997 |
| 5 | BNB | $259,553 | +6.16% | $40,451,166,142 | $896,182,353 |
XRP’s market cap rose 67% to $41.45 billion, in contrast to BNB’s rise of 6.16% to $40.45 billion. At the start of the year, BNB ($44 billion) was worth double XRP ($17.4 billion).
The surge followed a New York judge ruling that concluded XRP sales were not securities on secondary markets such as crypto exchanges. However, the order also determined that institutional sales of XRP could indeed be considered securities, a move that led to it debate between legal and financial experts.
Regarding the new ruling, policy director at Paradigm and former SEC senior adviser Justin Slaughter, noticed,
“Major loss to the SEC approach to crypto by focusing solely on enforcement, and this measurably increases the likelihood of crypto legislation being passed this year.”
Meanwhile, Brad Mills, host of the Magic Internet Money Podcast and proponent of Bitcoin, suggested that the ruling reduced clarity on crypto securities debates.
“It seems there is even less clarity now as the “crypto industry” broadly interprets it as a victory for tokens, even though there was no definitive statement that XRP and other tokens are not securities.”
Following the ruling, the derivatives The market has seen a 90% increase in open interest for XRP futures, with 1.33 billion XRP in outstanding contracts, according to data from CoinGlass.
Regulatory pressure against Binance has fueled selling pressure on BNB, impacting performance this year. BNB is up 8.7% over the past 12 months, compared to BTC’s impressive 51% gain over the same period. Meanwhile, XRP has made a gain of 134%.
Coinbase quickly announced the offer again of XRP, after being previously de-listed due to the SEC case, making it available to more traders in the US and around the world. The official Coinbase Twitter account posted the following announcement.
W.
W for ripple
W for industry.
W for the builders.
W for a clear rulebook.
W for updating the system.Oh, and XRP is now open for trading.
Only time will reveal the lasting impact of these market shifts and their wider implications on the crypto ecosystem as the industry examines the potential precedent set by the XRP ruling.
The post XRP Passes BNB in Market Cap as Experts Debate Securities Sale Ruling appeared first on CryptoSlate.
