XRP Overtakes BNB to Become 4th Largest Crypto After 65% Rally

XRP, the token behind the Ripple payment network, has been on an absolutely monstrous rally over the last day. The token has seen a 65% increase in its price which has taken it to the number 4 spot in the crypto ranking, pushing BNB to the 5th spot, although BNB on the other hand has also gained 9% in the past week.

XRP beats BNB

Recent XRP left back BNB gave the cryptocurrency a market cap of $41 billion after hitting a yearly high of $0.81. This massive price increase can be attributed to the fear of XRP missing out on investors after the big news regarding its victory over the United States Securities and Exchange Commission (SEC).

The court determined on June 13 that the sale of XRP to regular investors is not the sale of an unregistered security. As such, United States District Judge Analisa Torres ruled in partial favor of Ripple, saying that the sale of XRP on public cryptocurrency exchanges was not an offering of securities under the law.

However, judge commented Ripple’s direct sale of approximately $700 million of XRP to institutional investors violated federal law regarding the sale of securities.

This drove the price of XRP from $0.478 to $0.7885 in less than a day. With its current market cap, this means that XRP is now the third largest native cryptocurrency after Bitcoin and Ethereum when the USDT stablecoin is removed.

XRP price still holding gains | Source: XRPUSD on Tradingview.com

24-hour trading volume increased by over 1700%

According to data from Coinmarketcap, XRP saw a 1,758.13% increase in 24-hour trading volume to over $13.49 billion. There has been an increase in trading volumes on various exchanges, where South Korean-based crypto exchange Upbit had a 24-hour trading volume of over $2.7 billion. Binance’s trading volume increased by more than $2.3 billion as investors rushed to buy XRP.

coinglass statistics It shows that over $35 million of short positions trades have been liquidated on XRP in the last 24 hours. Most of these are from Bybit, OKEx and Binance, which saw $21 million, $14 million and $14 million of short positions liquidated, respectively.

Of course, rapid price increases often end in losses as XRP remains a volatile digital asset. But its recent breakout shows that it is still an altcoin worth watching, with the potential for even bigger gains if more investors continue to FOMO. However, XRP’s potential for long-term growth continues to be supported by Ripple Labs’ real-world value as a payments network.

At the time of writing, XRP is still trading at $0.797, showing a 68% gain in the last day. it is currently top gainers In the market with gains of 70.66% and 56.79% respectively in the last seven and 30 days.

Featured Image from iStock, Chart from Tradingview.com