XRP Market Cap Surges Past $100B, Overtaking BNB to Claim Fifth Spot in Crypto Rankings

This milestone marks a powerful comeback for Ripple and the XRP community, three years into the SEC's lawsuit that shook the digital asset's foundation.

XRP's market capitalization has crossed the $100 billion mark, pushing Binance's BNB out of the fifth spot in the crypto rankings. This achievement comes as a significant victory for Ripple and the XRP community, especially in light of the SEC's three-year-long lawsuit that aimed to redefine the digital asset's status.

The lawsuit, filed in December 2020, asserted that XRP constituted a security, an argument that Ripple strongly contested. John E. Deaton, a prominent advocate for XRP holders, highlighted the importance of this milestone, connecting it to Ripple's resilience against excessive regulatory interference. As the court proceeds to expedite a final judgment in the case, XRP's ascent signals renewed optimism in the asset and its ecosystem.

A 100.8B market cap and climbing. We are a long way from December 22, 2020 when the @SECGov filed a case claiming ALL XRP were securities, violating 76 years of legal precedent. When I filed the Motion to Intervene against the SEC in the @Ripple case, SEC lawyers claimed they… https://t.co/DcLj9monvV

Deaton pointed out how the SEC initially claimed that XRP “embodied the security,” an assertion that he argued lacked any legal basis. According to Deaton, the agency failed to cite a single case to support its position. Despite the pressure, Ripple co-founder Christian Larsen and CEO Brad Garlinghousehouse refused to concede, standing firm in the face of personal and financial adversity.

During the lawsuit, Ripple spent $150 million on legal expenses, while 75,000 XRP holders collectively contributed pro bono hours in a united effort against the SEC. This collective initiative played a crucial role in aiding Ripple's eventual victory, demonstrating the strength of the XRP community.

Also Read: XRP Price Predicted to Hit $7 Soon, But This Ripple Rival is Poised for a 50,403% Rally

At press time, XRP is trading at $1.87, up 20% in the past 24 hours and 259.62% over the last 30 days, according to CoinMarketCap data. This rally reflects XRP's resilience in the face of the SEC's scrutiny.

Ripple's RLUSD Stablecoin May Boost XRP Adoption

The XRP community has been eagerly awaiting the launch of Ripple's stablecoin, RLUSD. According to FOX Business, regulators in New York are reportedly close to approving RLUSD for use, which could potentially drive XRP adoption.

Moreover, Ripple's partnership with blockchain payments provider MoonPay will allow users to access RLUSD. This development is expected to further enhance XRP's utility and market appeal.

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