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Ripple (XRP) has now become the fourth largest cryptocurrency by market capitalization following Ripple Labs’ partial victory at the Securities and Exchange Commission (SEC) on July 13.
Hours after the decision, XRP market cap surged by a whopping $21.2 billion to reach a new yearly high of $46.1 billion, surpassing Circle’s USD Coin (USDC) and Binance’s BNB (BNB) token to become the 7th largest market cap. reached the place. ,
At the time of writing, Ripple’s market capitalization has stabilized at $42.5 billion.
The sudden surge for XRP came shortly after the District Court for the Southern District of New York announced “The offering and sale of XRP on digital asset exchanges was not equivalent to the offering and sale of investment contracts,” in the case involving Ripple Labs and the SEC.
Similarly, in the hours following the decision, the XRP price soared by 98%, reaching $0.93. statistics From Trading View.
Connected: Why did the XRP price rise today?
US crypto exchange Uphold has been briefly down due to an “absolutely unprecedented” increase in volumes due to an apparent rush to buy XRP.
“Yes, we went down but no platform could withstand the 50x increase in volume that we saw today.”
Uphold is understood to be one of the few large US-based cryptocurrency exchanges that continued to offer XRP for sale, while others have opted to delist.
Uphold is back!
Yes, we went down but no platform could withstand the 50x increase in volume that we saw today.
Uphold feels proud and affirmed for being the only platform that has stuck with XRP through every tough situation over the past few years.
We’d love to give props to our law firm…
— Uphold (@UpoldInc) 13 July 2023
The new decision has also triggered a new wave of re-listing activity from major US exchanges, with Coinbase, Kraken and iTrustCapital making the token available for trading on their respective platforms.
Winklevoss-owned crypto exchange Gemini has indicated that it too will consider re-listing XRP in the near future.
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