XRP has now surpassed BNB to become the fourth-largest digital asset by market cap following its landmark court decision.
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XRP’s market capitalization soared by 67% to reach $41.45 billion, contrasting with BNB’s 6.16% rise to $40.45 billion. At the beginning of the year, BNB ($44 billion) was worth double XRP ($17.4 billion).
The surge followed a New York judge’s ruling, which concluded that XRP sales were not securities in secondary markets such as crypto exchanges. However, the order also determined that institutional sales of XRP could indeed be considered securities, a move that has prompted debate among legal and financial experts.
Regarding the new judgment, Policy Director at Paradigm and former Senior Adviser to the SEC, Justin Slaughter, commented,
“Big loss for the SEC’s approach to crypto via focusing solely on enforcement, and this measurably increases the odds of crypto legislation passing this year.”
Meanwhile, Brad Mills, host of the Magic Internet Money Podcast and Bitcoin advocate, suggested that the ruling reduced clarity over crypto securities debates.
“Seems kind of like there’s even less clarity now, as the “crypto industry” is broadly interpreting it as a win for tokens, even though there was no definitive statement that XRP and other tokens are not securities.”
Following the ruling, the derivatives market has seen a 90% increase in open interest for XRP futures, with 1.33 billion XRP in outstanding contracts, according to CoinGlass data.
Regulatory pressure against Binance has spurred sell-side pressure on BNB, impacting its performance this year. BNB is up 8.7% over the past 12 months, compared with BTC’s impressive 51% rise over the same period. Meanwhile, XRP has experienced a gain of 134%.
Coinbase quickly announced the relisting of XRP, having previously delisted it due to the SEC case, thus making it available to more traders throughout the U.S. and the rest of the world. The official Coinbase Twitter account posted the following announcement.
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 reveal the lasting impact of these market shifts and their broader implications on the crypto ecosystem as the industry examines the potential precedent set by the XRP ruling.
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