- XRP surpassed a $100B market cap, overtaking Binance’s BNB to claim the fifth spot in cryptocurrency rankings.
- Ripple spent $150M on legal fees, with 75,000 XRP holders contributing pro bono hours to counter the SEC’s unregistered security claim.
- Ripple’s RLUSD stablecoin, pending New York approval, and its MoonPay partnership aim to boost XRP adoption and ecosystem growth.
XRP has achieved a significant milestone by surpassing a $100 billion market capitalization, overtaking Binance’s BNB to secure the fifth position in the cryptocurrency rankings. This development reflects Ripple’s resurgence amidst ongoing legal battles with the U.S. Securities and Exchange Commission (SEC).
Ripple’s Fight Against SEC Regulations Shows Results
Allegedly, the SEC lawsuit filed in December 2020, stated that XRP was an unregistered security. Ripple’s leadership, including co-founder Christian Larsen and CEO Brad Garlinghouse, strongly contested these claims. The company’s legal team highlighted flaws in the SEC’s argument, noting a lack of precedents to support the allegations.
Additionally, Ripple has spent over $150 million in legal fees, while 75,000 XRP holders also contributed pro bono efforts. This collective response showcased the strength and determination of Ripple’s community. The court has since moved to expedite its judgment, a move seen as a turning point in the case.
Market Reflects Renewed Confidence in XRP
Intriguingly, the legal developments have bolstered investor confidence, leading to a surge in XRP’s value. At the time of writing, XRP is trading at $1.87, reflecting a 20% rise in the past 24 hours and a staggering 259.62% increase over the past month, according to CoinMarketCap data.
Consequently, this growth is attributed to Ripple’s resilience and the broader market’s recognition of XRP’s potential. Moreover, Ripple’s growing partnerships and strategic developments have further contributed to the asset’s market momentum.
New Developments Bolster XRP Adoption
In addition to its market rally, Ripple is set to launch RLUSD, a stablecoin expected to enhance XRP’s utility. Reports suggest that New York regulators are close to approving RLUSD for use, which could drive further adoption.
Additionally, Ripple’s collaboration with MoonPay, a blockchain payments provider, is anticipated to expand access to RLUSD. This partnership aligns with Ripple’s focus on expanding its ecosystem and reinforcing XRP’s position as a key player in the crypto market.
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