Ripple’s XRP market capitalization has surpassed $20B for the first time, due September 2022, as a result of the recent cryptocurrency market upswing, according to statistics from CoinMarketCap. XRP appreciated by 4.14% in the last 24 hours, increasing over $1 billion in market capitalization.
On January 20, Chief Technology Officer of Ripple David Schwartz stated that XRP satisfies the criteria for a commodity. Said Schwartz:
XRP is a raw good that trades in commerce and one XRP is treated as equivalent to every other XRP.
Additionally, he observed that this essentially summed up what a commodity was. He continued by saying that no one else’s legal duties to the coin holders contribute to the coin’s value.
Ripple and the SEC are in a legal dispute over whether XRP is a security. Ripple’s CEO Brad Garlinghouse said in a recent interview that the firm is not likely to settle with the SEC.
Garlinhouse said a settlement would only occur if the regulator acknowledged that the coin was not offered as a security. Stuart Alderoty, a different senior executive at Ripple, stated that the lawsuit’s decision would significantly impact the American crypto market.
Along with XRP Other Altcoins Surge, $400 Million In Liquidations
According to CoinMarketCap data, following its almost 7% increase in the previous 24 hours, the cryptocurrency market cap recaptured the $1 trillion threshold. Ethereum increased by 5.13%, and Bitcoin increased by 8.87%.
Several altcoins had positive price movements, with Solana up 18%, Cardano at 10%, Binance-backed BNB at 4.36%, and Aptos at 50%.
Related Reading | U.S. Authorities Seize $700 Million In Assets From Sam Bankman-Fried
Furthermore, $400 Million Crypto Liquidations Impact 85,000 Traders, BitMex Sees Most Losses- Coinglass.
Data revealed that $154.93 million of liquidations were from Bitcoin and $105.8 million from Ethereum, with other altcoins making up the remainder.
Comments (No)