Ripple (XRP) has now become the fourth largest cryptocurrency by market capitalization after Ripple Labs’ partial victory over the Securities and Exchange Commission (SEC) on July 13. 

Mere hours after the ruling, XRP market cap surged a whopping $21.2 billion to reach a new yearly high of $46.1 billion, pushing it up from the 7th position to beat out Circle’s USD Coin (USDC) and Binance’s BNB (BNB) token in the process.

At the time of writing, Ripple’s market capitalization has settled down to $42.5 billion.

The sudden surge for XRP came immediately after the District Court for the Southern District of New York declared that the “offer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts” in a case involving Ripple Labs and the SEC.

Similarly, the price of XRP surged as much as 98% in the hours following the decision, reaching as high as $0.93 according to data from TradingView.

Related: Go to Source to See Full Article
Author: Tom Mitchelhill

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