Ripple, a rather controversial cryptocurrency whose legitimacy was questioned in late 2020, has exceeded a $63 billion market cap for the first time since January 15, 2018, getting closer to overturning Binance Coin (BNB).
XRP’s all-time high market cap is $130.853 billion that it hit on Jan 07, 2018, when it was trading at a price of about $3.49. But since then, Ripple started battling court cases with regulators including the US Securities and Exchange Commission (SEC).
As per the report by CoinIdol, a world blockchain news outlet, the watchdog accused the company of selling unlicensed digital currency securities worth $1.3 bln, an activity that violated investor-protection laws in the United States. The cryptocurrency also started facing a severe bear market when numerous investors were becoming more unsure whether or not XRP is a security or a currency.
The XRP altcoin also faced numerous lawsuits concerning registration issues and most investors started fearing investing in it thinking it’s a scam. So all these factors led to the decline of XRP from being the third-largest altcoin by market cap to the #Rank 6.
The bearish market of XRP saw its price, volume and market cap touch lows of $0.1409, $2.2 bln and $6.17 bln respectively on March 16, 2020. XRP’s bear market allowed a variety of digital currencies to surpass it. Some of the cryptocurrencies that surpassed XRP in terms of MC include, Polkadot (DOT), Tether (USDT) and BNB.
On Apr 06, 2021, XRP managed to record its first high MC of $49.774 billion since January 2018 and landed in a step from recovering its top 3 slot position following the massive bullish rebound. The recovery in price of XRP seems to be long-term, thanks to the increased use and adoption of digital payment alternatives that surged during the Covid-19 pandemic era where several governments and health organizations have been advocating for using cashless financial services including cryptocurrencies.
XRP is now among the top 3 gainers (is below KuCoin Token +172.24% and Bitcoin Gold +151.14%) for the past 7 days with a gain of 84.91% whereas Binance Coin is the fifth-best performer with a gain of 62.01%, according to the data by CMC. The crypto market capitalization for XRP has surged by over 84% since the beginning of 2020 (from $10.064B to $63B). XRP has now touched a new high of over 63 billion and is expected to skyrocket further.
At press time, XRP/USD is changing hands at around $1.4 with a market cap of about $63.192 bln and 24h volume of $15.632 bln. At this point, XRP has already hit about 68% of BNB’s MC, implying that the altcoin would need to less than double from here to squeeze by and defeat its major rival (BNB). If XRP maintains this trajectory, it is more likely to surpass BNB soon. It just needs to gain by 22% to exceed its major competitor.