Litecoin (LTC) and XRP briefly traded locations in market cap rankings over the weekend, highlighting the affect of the current lawsuit towards Rip
Litecoin (LTC) and XRP briefly traded locations in market cap rankings over the weekend, highlighting the affect of the current lawsuit towards Ripple filed by the USA Securities and Alternate Fee.
The so-called “flippening” occurred early Sunday when Litecoin’s market capitalization hit $9.95 billion following a greater than 12% surge in worth. XRP, in the meantime, had declined in extra of 25% over a 24-hour buying and selling interval.
LITECOIN JUST FLIPPED XRP pic.twitter.com/yjBq15JtpV
— HODLGeorge (@BitfuryGeorge) January 3, 2021
At press time, XRP was again in 4th place with a market cap of $10.5 billion. Litecoin, in the meantime, was value simply over $9.9 billion. Within the final seven days, Litecoin’s worth has gained roughly 14% whereas XRP tumbled almost 20%.
Litecoin’s worth has greater than doubled since mid-December, highlighting Bitcoin’s gravitational pull on the broader market. XRP was additionally on a tear earlier than the SEC introduced a lawsuit towards Ripple for allegedly violating securities legal guidelines. Peak to trough, the XRP worth tumbled greater than 73%, in accordance with CoinMarketCap information.
XRP’s street to restoration is prone to be a bumpy one as traders await the result of litigation — a course of that would take a number of years to play out. With out a settlement with the SEC, the worth of XRP may battle to regain momentum. A wave of delistings at main exchanges additionally threatens XRP’s rebound potential.
In the meantime, Litecoin’s ascendancy doubtless has extra to do with Bitcoin than any change within the venture’s underlying fundamentals. Cointelegraph highlighted an obvious surge in altcoin quantity in December as Bitcoin’s worth zipped previous $20,000.
The full market cap of all cryptocurrencies rose to all-time highs over the weekend, peaking at round $907 billion.