Ripple’s XRP flips Binance BNB after 16% surge

Ripple’s native cryptocurrency XRP has become one of the top five cryptocurrencies by market cap for the first time amid a bullish trend in the industry.

Ripple (XRP) reached $97 billion during the crypto market rally on Friday, November 29, surpassing Binance’s BNB Coin (BNB) and its $95 billion market cap. Ripple rose as the total digital asset market rose to $3.5 trillion, its highest peak ever. .

Overall market optimism, Ripple’s business growth, and regulatory headwinds have pushed XRP’s price near its all-time high. XRP increased by 15.8% in 24 hours and 226% in the last 30 days and was traded at $ 1.70 at publication time. The token rose as high as $3.40 in January 2018.

24-hour XRP price chart – November 29 | Source: crypto.news Ripple catalysts

Bitwise, Canary Funds, Grayscale, and WisdomTree led the establishment of the spot XRP exchange-traded fund amid staff changes at the Securities and Exchange Commission.

Former SEC commissioner and pro-crypto regulator Paul Atkins was one of the top candidates to replace crypto-skeptic chairman Gary Gensler. After Donald Trump won the presidential election, Gensler announced his resignation, effective January 20.

Moreover, Ripple was among the new entrants to the stablecoin market. The digital payments firm issued its RLUSD on XRP Ledger and Ethereum (ETH), the largest decentralized finance ecosystem by user deposits.

The court victory over the SEC and upcoming crypto-friendly US legislation have strengthened Ripple’s position as a digital asset powerhouse. The Southern District Court of New York ruled against the SEC’s claim that XRP retail sales violated securities laws. The judge also approved a $250 million fine related to corporate XRP sales.

But the SEC could object, and top SEC officials like Atkins could take a different approach to agency regulations.

There’s a lot of unsolicited advice here about who the next SEC Chairman should (or shouldn’t be). I trust the transition team will make the right decision considering the risks for crypto in this chart:
1. End all non-fraud related crypto cases on Day 1.
2.Get commitment from Commission Members Uyeda and…

— Stuart Alderoty (@s_alderoty) November 21, 2024