In a remarkable turn of events, the past week has witnessed a substantial surge in the value of XRP, propelling it ahead of Binance Coin (BNB) in the race for market capitalization supremacy. The cryptocurrency landscape is ever-evolving, with market dynamics constantly reshaping the hierarchy of the top digital assets. This time, XRP has surged ahead, claiming the coveted fourth position by market capitalization.
XRP Surpasses BNB
According to the latest data from CoinMarketCap, Binance Coin (BNB) previously held the fourth spot with a market capitalization of $38.1 billion. However, XRP has now taken the lead with a slightly higher market capitalization of $39.02 billion. What makes this shift even more remarkable is the fact that XRP managed to close the gap and overtake BNB with a substantial 24% increase in value in the span of just one week.
In contrast, Binance Coin (BNB) experienced a more modest 7% gain during the same period, struggling to keep pace with the broader market’s resurgence since the return of a bullish wave in October. At the time of writing, BNB is trading at $249, reflecting a 1.24% increase in the past 24 hours. Also, XRP has experienced a 10% rise and currently benefits from favorable technical and fundamental indicators, establishing a promising outlook for additional growth.
A Tale of Two Cryptos: XRP’s Legal Victories vs. Binance’s Legal Challenges
The story behind XRP’s ascent to the fourth spot in the crypto rankings is a tale of differing fortunes. XRP’s surge in value primarily results from Ripple’s recent legal victories in its ongoing battle against the United States Securities and Exchange Commission (SEC).
The courts have ruled in favor of Ripple on two significant occasions, concluding that XRP does not qualify as a security when traded on the secondary market and rejecting the SEC’s attempts to appeal this crucial decision. These legal triumphs have not only led to the withdrawal of the SEC’s pending cases against Ripple executives Brad Garlinghouse and Chris Larsen but have also fueled investor optimism regarding an impending settlement.
Conversely, Binance has faced considerable challenges in its legal skirmishes with the SEC. Back in June, the regulatory body filed a lawsuit against Binance and its CEO, Changpeng Zhao, alleging violations of securities laws. This legal action had a substantial impact on BNB’s price, leading to a significant drop. Binance Coin has struggled to regain momentum, even in the face of a broader crypto market recovery.
As a result, BNB’s performance has lagged throughout the year, with a year-to-date (YTD) decrease of 1%. In stark contrast, XRP has more than doubled its value since the beginning of the year. XRP, which started the year at $0.33, currently holds a value of approximately $0.7118, demonstrating a remarkable price surge.
This latest development not only underlines the dynamism of the cryptocurrency market but also highlights the crucial role that legal battles and regulatory clarity play in shaping the fortunes of digital assets. As XRP celebrates its ascent to the fourth-largest cryptocurrency position, the crypto world eagerly anticipates further developments in this ongoing crypto saga.