XRP took off on a massive 50% price rally over the past five days, moving up a couple of spots in the market cap rankings as a result.
The crypto asset was trading around $0.60 on February 3rd and surged all the way past $0.90 at one point on Tuesday.
The price increase ballooned XRP’s market capitalization to more than $42.26 billion, surpassing the smart contract platforms Cardano (ADA) and Solana (SOL) to reach 6th in the market cap rankings. This places XRP behind Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB) and USD Coin (USDC).
Crypto analytics firm Santiment notes on Twitter that XRP was outputting the same number of daily active addresses at one point on Monday while trading at $0.82 as it did in early November when it was priced all the way up at $1.18.
Eleanor Terrett, a journalist at Fox Business Network, has also reported on new developments in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple.
The SEC filed a lawsuit in December 2020 alleging that Ripple sold XRP as a security during its launch. The regulator also alleges that the token remains a security to this day.
Terrett reports that people associated with the case think it will stretch into this summer.
Breaking — per @EleanorTerrett, people associated with the @SECGov case against @Ripple believe case will stretch into the summer but worry that the pending @WhiteHouse report on crypto could negatively impact @Ripple’s case by possibly classifying $XRP as a security more at 130
— Charles Gasparino (@CGasparino) February 7, 2022
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/prodigital art