XRP has recently made headlines by surpassing USDC in total market capitalization, standing at approximately $36,660,381,199 compared to USDC’s $36,135,642,846. This shift marks a significant moment in the crypto world, as XRP climbs to sixth position among the largest cryptocurrencies by market capitalization.
Ripple Vs. SEC case Works in Favor
This rise in the market cap indicates increased confidence amongst the investor due to the current favorable developments in the Ripple Labs vs. SEC case. The recent court ruling that imposed a $125 million fine, which is well below the $2 billion fine sought by SEC, has been interpreted as a partial victory for XRP. This ruling clarified that the secondary market transactions are not securities as stated by the SEC.
Gary Gensler, Chair of the SEC, has faced intense scrutiny for his regulatory decisions on cryptocurrency classification, including his stance on Bitcoin as a commodity, and his overall approach to crypto regulations. All of his decisions have given rise to a state of confusion within the community. With only 7 business days left for SEC to file an appeal, the community members believe it will be difficult for SEC to win this case.
As a result, XRP’s price has surged, contributing to the dominance over USDC. The $524 million gap between XRP and USDC highlights XRP’s potential for further growth and investor attraction.
Additionally, Ripple’s stablecoin RLUSD, is nearing launch after beta testing demonstrating XRP’s innovation and commitment to investor confidence.
What’s Next?
XRP’s takeover is not just a win for Ripple, it also indicates the potential shift in the broader crypto market. The cryptocurrency is currently abuzz and sparking speculation about XRP’s next targets Solana (market cap of $73 billion), B&B (market cap of $84 billion) and ultimately Bitcoin (market cap of $1272 billion).
🚨BREAKING: #XRP just flipped USDC!
The next goal is Solana, and the main goal is #Bitcoin. That will happen sooner than you think! pic.twitter.com/hHQxcwcyRn
— JackTheRippler ©️ (@RippleXrpie) September 29, 2024
Despite increased investor confidence due to legal Ripple’s resilience amid the ongoing legal challenges, the coming weeks will be crucial for XRP, investors and regulators.
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Source: https://www.cryptonewsz.com/ripple-ranked-6th-total-market-cap/