XRP, the digital currency focused on cross-border payments, has zoomed into the top five cryptocurrencies by market cap. This incredible climb follows a massive 298% price surge in November alone.
A Month of Meteoric Rise
According to CoinMarketCap, XRP’s market cap now sits around $110 billion, comfortably surpassing BNB’s $94.422 billion. Just a month earlier, the situation was quite different. BNB, Binance’s native token, held the fourth spot, while XRP was down in seventh. But XRP’s November performance was nothing short of spectacular, jumping from $0.491 on November 1st to $1.957 by month’s end.
Closing in on the Top Four
XRP is now hot on the heels of Solana (SOL), currently ranked fourth with a market cap of $113.416 billion. This is a significant turnaround for XRP, which held the number two spot (behind Bitcoin) just six years ago.
The SEC Lawsuit and its Aftermath
XRP’s journey hasn’t been without its challenges. The US Securities and Exchange Commission (SEC) sued Ripple in 2020, claiming XRP was an unregistered security. However, a July 2023 court ruling declared that Ripple’s automated, open-market XRP sales weren’t securities, significantly boosting XRP’s price. The court also dismissed allegations against Ripple executives Brad Garlinghouse and Chris Larsen.
Current Status
At the time of writing, XRP is trading at approximately $1.94.
Disclaimer: This information is for general knowledge only and does not constitute financial advice. Investing in cryptocurrencies is risky, and you could lose money. Always do your own research before making any investment decisions.
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