• XRP has become the fourth largest cryptocurrency by market capitalization, surpassing the BNB token.
• Trading with XRP ballooned in the past 24 hours, propelled by a euphoric price rally and major crypto exchanges embracing trading of the token after a favorable court decision.
• The trading volume of XRP pairs on centralized exchanges grew 1351% compared to the previous day as its price skyrocketed nearly 100%.
XRP Surpasses BNB Token
XRP has become the fourth largest cryptocurrency by market capitalization, surpassing the BNB token according to CoinDesk data. CoinGlass data also shows that XRP-tracked shorts posted highest losses so far this year at $33 million after a U.S. court found that sales of Ripple’s XRP tokens on exchanges and through algorithms did not constitute investment contracts.
Spike in Trading Activity After Favorable Court Decision
Trading with XRP ballooned in the past 24 hours after it received a favorable court decision from a US court on Thursday. Major crypto exchanges followed suit and embraced trading of the token, resulting in 1351% growth in trading volume compared to the previous day as its price skyrocketed nearly 100%. On a running basis, the token’s trading volume totaled around $12 billion through last 24 hours, according to CoinGecko.
Crypto Exchanges Reopen Trading With XRP
Coinbase, Kraken and other exchanges re-listed or announced plans to reopen trading with the token on their platforms following the US court ruling. This indicates that major crypto players are now willing to embrace XRP despite SEC’s lawsuit against Ripple Labs which accused them of selling unregistered securities when they distributed their tokens over four years ago.
SEC Lawsuit Against Ripple Labs
The U.S Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs alleging that they sold unregistered securities when they distributed their tokens over four years ago. Although Judge Sarah Netburn ruled that sale of XPR tokens on exchanges and through algorithms did not constitute investment contracts, she declined to dismiss claims regarding Ripple’s initial coin offering (ICO).
Conclusion
The recent surge in activity for XRP indicates strong support from mainstream investors who have been cautious about embracing digital assets due to legal uncertainties surrounding them until now. It remains uncertain if any further action will be taken against Ripple Lab but for now investors can trade without fear as no restrictions have been placed upon them yet