Ripple Labs’ partial victory over the SEC has catapulted XRP to the position of the fourth largest cryptocurrency by market capitalization. Within a span of just three hours, the token’s market cap surged by an astounding $21 billion, reaching a new yearly high of $46.1 billion. This surge propelled XRP past Circle’s USD Coin and Binance’s BNB token, solidifying its position in the crypto market.
XRP’s Market Cap Surges
Following the ruling by the District Court for the Southern District of New York, which determined that the sale of XRP on digital asset exchanges did not constitute the offering of investment contracts, it experienced an immediate surge in market capitalization.
This surge amounted to $21.2 billion, bringing the market cap to $46.1 billion at its peak. Currently, Ripple’s market capitalization has stabilized at $42.5 billion.
In addition to the surge in market capitalization, the price of XRP experienced a significant increase. This has caused it to rise by as much as 98% within hours of the court decision. According to TradingView data, it reached a high of $0.93.
The surge in demand for the token was so intense that it caused U.S. crypto exchange Uphold to temporarily go down due to an unprecedented spike in trading volume. Uphold, which continued to offer XRP sales while other exchanges delisted it faced an overwhelming 50x increase in trading volume.
Re-Listing and Future Prospects
The court ruling has sparked renewed interest among prominent U.S. exchanges to re-list XRP. Coinbase, Kraken, and iTrustCapital have already made the token available for trading on their platforms. Furthermore, Gemini, a crypto exchange owned by the Winklevoss twins, has indicated its intention to re-list XRP in the near future, signaling positive prospects for the token.