XRP Overtakes BNB To Become Fifth-Largest Crypto by Market Cap Following 298% Rally in November
In a remarkable turn of events, XRP has surged to become the fifth-largest cryptocurrency by market capitalization, overtaking Binance's BNB token after an extraordinary 298% price rally in November.
Market data reveals XRP's market cap has reached approximately $110 billion, surpassing BNB's $94.422 billion valuation. The cross-border payments cryptocurrency saw its price skyrocket from $0.491 to $1.957 during November's trading period.
This impressive ascent marks a notable comeback for XRP, which faced serious headwinds following the U.S. Securities and Exchange Commission's (SEC) lawsuit against Ripple in December 2020. The SEC had alleged that Ripple was selling XRP as an unregistered security.
A major catalyst for XRP's recent surge came in July 2023, when Judge Analisa Torres ruled in favor of Ripple, determining that automated, open market sales of XRP do not constitute securities. The ruling also dismissed allegations against Ripple executives Brad Garlinghouse and Chris Larsen regarding unregistered securities offerings.
XRP's current position at fifth place brings it within striking distance of Solana (SOL), which holds the fourth position with a market cap of $113.416 billion. This resurgence echoes XRP's former glory from six years ago when it ranked as the second-largest cryptocurrency, trailing only Bitcoin.
The digital asset currently trades at $1.94, reflecting renewed market confidence following its legal victories and growing adoption in cross-border payment solutions.
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