XRP Becomes 4th Largest Crypto After Ruled ‘Not a Security’ in SEC Case

After securing a commended partial victory against the United States Securities and Exchange Commission (SEC), the market capitalization of Ripple Labs’ XRP token has surpassed Binance’s BNB coin to become the world’s fourth largest cryptocurrency by market cap.

On July 13th, Judge Analisa Torres ruled partially in favor of Ripple Labs in a case brought forward by the SEC which dates back to 2020, granting summary judgment in favor of Ripple Labs after ruling XRP is not a security, yet only in regards to programmatic sales which occur on digital asset exchanges.

Following the news, XRP price rocketed to highs of $0.8875 according to data from CoinMarketCap on July 13th, which also sent the market cap of the token to more than $42.5 billion. With trading volume catapulting by a tenfold, XRP managed to become the 4th largest cryptocurrency by market capitalization only hours after the ruling.

Soaring from 7th to 4th, XRP beat BNB and Circle’s USD Coin to now only be surpassed by Tether (USDT), Ethereum (ETH) and Bitcoin (BTC) in the race towards first place. Soaring by as much as 98% in a matter of hours, the new ruling is clear to have sparked a fresh wave of interest for the popular cryptocurrency.

Sources:

https://cointelegraph.com/news/ripple-wins-case-against-sec-as-judge-rules-xrp-is-not-a-security

https://cointelegraph.com/news/ripple-xrp-price-market-cap-jumps-sec-ruling

https://coinmarketcap.com/currencies/xrp/