XRP flips BNB for first time in 2 years after court ruling

XRP is once again the fourth most valuable crypto after a healthy rally inspired by Thursday’s positive ruling

article-image

Parilov/Shutterstock modified by Blockworks

share

XRP has flipped Binance’s BNB for the first time in over two years, jumping into fourth spot in crypto market cap rankings behind tether (USDT), ether (ETH) and bitcoin (BTC).

BNB was worth double XRP at the beginning of the year — $44 billion to $17.4 billion. Despite coming under repeated fire from regulators globally, Binance’s flagship token had, throughout all of 2022 and 2023, held its ground.

All that changed when the markets digested a New York judge’s ruling that XRP sales were not securities through secondary markets (crypto exchanges and the like). 

BNB now commands a $40.1 billion valuation, 4.7% shy of XRP’s $42 billion, per CoinGecko.

The judge also ruled institutional sales may well be securities, leaving room for further clarity as the case moves on.

Derivatives markets immediately went into overdrive, swelling open interest for XRP futures by 99%. The figure currently stands at $1.02 billion in outstanding contracts, Coinglass shows.

XRP was last seen trading at $0.79, up more than double from its previous daily closing price of $0.47. The last time XRP’s market cap was higher than BNB’s was in April 2021 (briefly, for one day), after it was flipped for the first time two months earlier.

Regulatory pressure against global crypto exchange Binance has brought BNB considerable sell-side activity. BNB is up about 5% year to date compared with BTC’s 70%. XRP has now gained more than 130% this year.

All while Ripple has been embroiled in a three-year-long legal battle with the SEC over whether it — along with executives Brad Garlinghouse and Christian Larsen — illegally offered securities in the form of XRP.

Thursday’s ruling has shed some light on the situation, with Coinbase and Kraken quickly pledging to relist XRP after dropping it in light of the SEC’s case. 

Still, some legal experts have warned the ruling is far from definitive. 

Updated Jul. 14, 2023 at 2:00 am ET: Open interest amounts.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg

Research

Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.

article-image

Heron Finance caters to US accredited investors and uses Goldfinch credit markets on the backend

article-image

Bitcoin, up more than 160% year to date, has plenty of steam left in this rally, analysts say

article-image

Nova Labs will hope to grow Helium’s hotspot network to reduce backup coverage costs paid to T-Mobile

article-image

The LinkedIn posting states that the position would “support the Federal Reserve System’s [CBDC] Research and Development program.”

article-image

Both central banks are exploring the impact a CBDC could have on an economy

article-image

Neutron core contributor Dutheil notes this is “a period of consolidation” in the Cosmos ecosystem