Within the last 24 hours, the market worth of XRP rose remarkably by over 60%, reaching $41.44 billion. This increase made XRP the fourth-largest digital asset in the world by market cap, surpassing BNB tokens.
XRP’s market cap increased by 66% in the last day alone, according to data, while BNB’s market value increased by 6.5% to $40.57 billion. Its cost also sharply increased, rising from 47 cents to about 78 cents.
Due to Ripple Labs’ recent partial victory in its legal dispute with the U.S. Securities and Exchange Commission (SEC), the market capitalization of XRP has recently increased. The sale of XRP by Ripple on digital asset exchanges did not constitute investment contracts. The District Court for the Southern District of New York stated this.
However, the court did conclude that Ripple had broken securities regulations when it sold XRP directly to institutions and other parties for more than $700 million. In 2020, the SEC sued Ripple, claiming the sale of $1.3 billion XRP constituted unregistered securities. The case led to XRP’s delisting from exchanges, causing a year-long decline in its price.
Centralized exchanges are now considering relisting it in light of the court decision. This action has already been performed by Crypto.com, and Gemini is looking into listing XRP for both spot and derivatives trading.
Despite Ripple’s partial success, the court’s decision found that XRP is a security. The court’s findings, according to Townsend Lansing, Head of Product at CoinShares, “confirm the violation of securities laws and raise doubts about the legality of XRP’s offering.” For the SEC’s upcoming legal actions against other cryptocurrencies, this decision establishes a precedent.
Recent legal developments impacted its market performance, renewing hope for relisting and discussions on its security status.