Ripple (XRP) is now the fourth largest cryptocurrency by market cap after Ripple Labs’ partial victory over the Securities and Exchange Commission (SEC) on July 13.
Just hours after the ruling, XRP’s market capitalization surged $21.2 billion to a new year-to-date high of $46.1 billion, pushing it from seventh place to overtake USDC Circle and Binance token BNB (BNB) in the previous year. this process. ..
At the time of writing, Ripple’s market cap has settled at $42.5 billion.
The sudden surge in XRP came right after the District Court for the Southern District of New York announce that “the offering and sale of XRP on digital asset exchanges does not amount to the offering and sale of investment contracts” in a case involving Ripple Labs and the SEC.
Similarly, the XRP price rose by 98% in the hours after the decision, reaching $0.93 according to data from TradingView.
Related: Why did the price of XRP rise today?
An apparent rush to buy XRP briefly sent the cryptocurrency Uphold lower due to a “simply unprecedented” rise in volume.
“Yes, volume has gone down but no platform can handle the 50x spike in volume we saw today.”
It is understood that Uphold was one of the largest number of cryptocurrency exchanges in the US that continued to offer XRP sales, while others chose to delist.
The new ruling also sparked a fresh wave of re-listing activity from major US exchanges, with Coinbase, Kraken and iTrustCapital making trading available on their own platforms.
Winklevoss-owned cryptocurrency exchange Gemini has hinted that it will also consider re-listing XRP sometime in the near future.
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