Ripple’s XRP cryptocurrency has experienced a significant surge, becoming the fourth largest cryptocurrency by market capitalization.
This came after Ripple Labs achieved a partial victory over the Securities and Exchange Commission (SEC) on July 13.
Following the court ruling, XRP’s market cap skyrocketed by an impressive $21.2 billion, reaching a new yearly high of $46.1 billion.
This surge propelled XRP from the seventh position to surpass Circle’s USD Coin (USDC) and Binance’s BNB token, securing its place as the fourth largest cryptocurrency.
However, as of now, Ripple’s market capitalization has settled at $42.5 billion.
The substantial growth in Ripple’s market capitalization can be attributed to the favorable court ruling. The District Court for the Southern District of New York determined that the sale and offer of XRP on digital asset exchanges did not constitute the sale of investment contracts.
This legal case involved Ripple Labs and the SEC.
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Simultaneously, the price of XRP experienced a sharp increase of up to 98% immediately following the court decision, with prices reaching as high as $0.93 according to TradingView data.
The sudden surge in demand for XRP was so intense that it caused disruptions for Uphold, a U.S.-based cryptocurrency exchange.
Uphold faced technical difficulties and went down temporarily due to an unprecedented spike in trading volume.
Uphold was among the few larger U.S. exchanges that continued to offer XRP sales, as others chose to delist the cryptocurrency.
In response to the court ruling, major U.S. exchanges such as Coinbase, Kraken, and iTrustCapital have initiated the process of re-listing XRP, allowing users to trade the cryptocurrency on their platforms.
Additionally, Gemini, a crypto exchange owned by the Winklevoss twins, has hinted at relisting XRP in the near future.
Overall, Ripple’s XRP has experienced a significant boost in market capitalization and price following the recent court ruling in its favor.
This outcome has not only solidified its position as the fourth largest cryptocurrency but has also prompted a renewed interest from prominent U.S. exchanges to list XRP on their platforms.
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