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XRP surpasses BNB in market capitalization as analysts discuss court decision regarding securities transactions.
XRP has now overtaken BNB to become the fourth-largest cryptocurrency by market capitalization following a significant court ruling.
| # | Name | Price | 24H % | Market Cap | 24H Vol |
|---|---|---|---|---|---|
| 1 | Bitcoin | $31,313.35 | +2.97% | $608,382,242,056 | $25,742,885,697 |
| 2 | Ethereum | $2,006.04 | +7.07% | $241,135,375,943 | $12,574,214,439 |
| 3 | Tether | $1.00042 | +0.06% | $83,469,496,743 | $47,877,965,097 |
| 4 | XRP | $0.78891 | +67.5% | $41,452,503,749 | $12,916,795,997 |
| 5 | BNB | $259.553 | +6.16% | $40,451,166,142 | $896,182,353 |
XRP’s market capitalization surged by 67% to $41.45 billion, while BNB saw a 6.16% increase to $40.45 billion. At the start of the year, BNB ($44 billion) had a value twice that of XRP ($17.4 billion).
This increase followed a ruling from a New York judge, which determined that XRP sales do not qualify as securities in secondary markets like cryptocurrency exchanges. However, the ruling also indicated that institutional sales of XRP could be classified as securities, a conclusion that has sparked discussion among legal and financial professionals.
In response to the new ruling, Justin Slaughter, Policy Director at Paradigm and former Senior Adviser to the SEC, remarked,
“Significant setback for the SEC’s strategy regarding crypto, which has been focused solely on enforcement, and this notably enhances the likelihood of crypto legislation being passed this year.”
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Meanwhile, Brad Mills, host of the Magic Internet Money Podcast and Bitcoin supporter, indicated that the ruling has created further ambiguity regarding discussions on crypto securities.
“It seems like there’s even less clarity now, as the ‘crypto industry’ is widely interpreting it as a victory for tokens, despite the absence of a clear statement that XRP and other tokens are not securities.”
In the wake of the ruling, the derivatives market has recorded a 90% rise in open interest for XRP futures, with 1.33 billion XRP in outstanding contracts, according to data from CoinGlass.
Regulatory scrutiny against Binance has intensified sell-side pressure on BNB, affecting its performance this year. BNB has increased by 8.7% over the past year, in contrast to BTC‘s notable 51% rise during the same timeframe. Conversely, XRP has seen a gain of 134%.
Coinbase promptly announced the relisting of XRP, having previously removed it due to the SEC case, thus making it accessible to a broader range of traders across the U.S. and globally. The official Coinbase Twitter account shared the following message.
W.
W for Ripple
W for the industry.
W for the builders.
W for a clear rulebook.
W for updating the system.
Oh, and XRP is now open for trading.
Only time will determine the enduring effects of these market changes and their wider implications for the crypto ecosystem as the industry reflects on the potential precedent established by the XRP ruling.
The post XRP passes BNB in market cap as experts debate judge ruling on securities sales appeared first on CryptoSlate.
