Following its partial victory over the SEC, Ripple Labs has surged in market capitalization, becoming the fourth-largest cryptocurrency. XRP's market cap skyrocketed by $21.2 billion to reach a yearly high of $46.1 billion, surprising Circle's dollar to ken and Binance's BNB token. Currently, Ripple's market cap has stabilized at $42.5 billion. The US District Court for the Southern District of New York is overseeing the case involving Ripple Labs and the SEC.
XRP's price also experienced a significant boost, surging by 98% and reaching a peak of $0.93 shortly after the court ruling was announced. The surge in demand for XRP led to an overwhelming trading volume, causing disruptions on platforms like Uphold, which experienced difficulty handling the unprecedented surge. Uphold, one of the few major US cryptocurrency exchanges still offering XRP, explained the challenges they faced due to the extraordinary increase in trading volume.
The court ruling has prompted several major US exchanges to relist XRP on their platforms. Coinbase, Kraken, and iTrustCapital have all reinstated the ability to trade the token. Additionally, Gemini, a cryptocurrency exchange owned by the Winklevoss twins, has hinted. at its intention to relist XRP in the near future. The ruling has provided a positive outlook for XRP's future and has reignited interest among investors and exchanges in supporting the cryptocurrency.
