Thursday’s landmark ruling that Ripple did not violate federal securities laws by selling XRP on crypto exchanges sent the price of the XRP token skyrocketing, and its market cap has dethroned BNB to become the fourth largest cryptocurrency.
The XRP community has been overjoyed as the three-year-old court battle almost comes to a conclusion. And the excitement is visible in the token’s price action as well.
XRP Overtakes BNB Coin
BeInCrypto’s cryptocurrency rankings show that XRP has taken fourth position based on market cap. As of writing, it is trading at $0.7873, with a market cap of over $41.21 billion.
BNB has lost its spot to XRP after its price nearly doubled on Thursday. As of writing, the BNB coin has a market cap of $40.17 billion, approximately $1 billion behind XRP’s market cap.
The crypto community has been celebrating after the judge ruled that Ripple did not violate federal securities law by selling XRP on crypto exchanges. Hence, some cryptocurrency exchanges such as Kraken, Coinbase, and Binance.US announced the relisting of XRP, acting as a catalyst to its price rally
Some industry stakeholders believe that the ruling would set a precedent for other cryptocurrencies deemed securities by the Securities and Exchange Commission (SEC).
However, it is worth mentioning that the legal battle is not completely over yet. Judge Torres mentioned that Ripple may have violated federal securities law with the sale of $728.9 million to institutional investors.
Hence, Ripple might still face legal challenges in the future.
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