XRP Overtakes BNB To Fourth Largest Crypto Spot, BTC Trades Above $31k As Bulls Dominate The Market
Digital asset payment network, Ripple (XRP) has surged over 60% in the past 24 hours following its partial victory against the Securities and Exchange Commission (SEC), putting an end to the three-year-long suit.
Since the ruling, the cryptocurrency market has recorded a $73.5 billion increase in its market cap, a 5.7% jump as assets continue their strong rally.
XRP, the center of the uphill run has skyrocketed 66.94% and trades at $0.789 at the time of writing. The asset now boasts a $41.44 billion market cap, moving past BNB to reclaim the fourth spot by market cap for the first time in two years.
BNB’s market value rose by 6% to 40.58 billion in the same period and exchanged hands at $254.06.
Market bulls are looking to push the upward momentum of XRP over $1, a mark it has failed to attain in years. The price of Ripple was weakened by the SEC’s lawsuit losing over 50% of its value with the firm shifting plans on going public until after the case.
The renewed surge of the asset is backed by whales as wallets with more than $100,000 hit their highest point in 2023 coupled with trading volumes reaching a 10-month high.
Brian Q, an analyst at Santiment noted that the activity of whales can sustain the surge for longer periods brushing off claims that it may be a short-term run.
“If key whale and shark addresses are increasing their supply going into this pump, then it is a get foreshadowing signal that the pump may just be getting started, and it's a sign of good things to come.”
Huge gains have been recorded across the market on the back of XRP’s success over the SEC. Market leader Bitcoin (BTC) tapped a new yearly high of $31,686 hours after the ruling.
At press time, BTC trades at $31,168, a 2% increase in the past 24
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