- XRP surpasses $100B market cap, flipping Binance’s BNB to claim the fifth spot in crypto rankings.
- Ripple’s $150M legal fight and XRP community support fuel resilience against SEC scrutiny.
- Ripple’s RLUSD stablecoin nears NY approval, potentially boosting XRP adoption and utility.
XRP’s market capitalization surged past $100 billion, overtaking Binance’s BNB to claim the fifth spot in the crypto rankings. This milestone marks a powerful comeback for Ripple and the XRP community, three years into the SEC’s lawsuit that shook the digital asset’s foundation.
The lawsuit, filed in December 2020, accused XRP of being a security—a claim Ripple fiercely contested. John E. Deaton, a key advocate for XRP holders, noted the significance of this milestone, tying it to Ripple’s resilience in the face of regulatory overreach. As the court moves to expedite a final judgment in the case, XRP’s ascent signals renewed confidence in the asset and its ecosystem.
Ripple’s Defiance Against the SEC
Deaton recounted how the SEC initially argued that XRP “represented and embodied the security,” a claim he criticized as unsupported by legal precedent. He noted that the agency failed to cite a single case to back its position. Ripple co-founder Christian Larsen and CEO Brad Garlinghouse refused to bow to the SEC’s pressure, standing firm despite the personal and financial toll.
Ripple spent $150 million on legal fees during the lawsuit, while 75,000 XRP holders contributed pro bono hours, creating a united front against the SEC. This collective effort played a significant role in Ripple’s eventual victory, showcasing the strength of the XRP community.
Read also: XRP Price Predicted to Hit $7 Soon, But This Ripple Rival is Poised for a 50,403% Rally
As its reflection, at the time of writing, XRP is trading at $1.87, up 20% in the past 24 hours and 259.62% in the last 30 days, as per CoinMarketCap data. This rally proves XRP’s resilience with the token defying the SEC’s scrutiny.
Ripple’s RLUSD Stablecoin Could Propel XRP Adoption
Ripple’s highly anticipated stablecoin, RLUSD, has been a big draw for the XRP community. According to FOX Business, New York regulators are reportedly close to approving RLUSD for use, potentially driving XRP adoption.
Ripple’s partnership with blockchain payments provider MoonPay will give users access to RLUSD. This development is expected to further enhance XRP’s utility and market appeal.
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