"XRP Shakes Up Crypto Rankings: Surpasses BNB to Claim Fourth Spot, Court Ruling Causes Market Disruption"

"Breaking news: XRP, the payments-focused cryptocurrency, has surged past BNB to become the world's fourth-largest digital asset. Discover how a recent court ruling has disrupted the market and raised questions about XRP's legality. Get all the details here!"

near minute read

 In a remarkable turn of events, XRP, a payments-focused cryptocurrency, has surpassed BNB token to claim the title of the world's fourth-largest digital asset by market cap. The surge in XRP's market cap to $41.44 billion, a 66% increase in the past 24 hours, has been fueled by Ripple Lab's partial victory in its legal battle with the U.S. Securities and Exchange Commission (SEC) over the sale of XRP.

 The District Court for the Southern District of New York ruled that Ripple's offer and sale of XRP on digital asset exchanges did not constitute offers and sales of investment contracts as alleged by the SEC. However, the court did find that Ripple's direct sale of XRP to institutions and other parties violated securities laws. This ruling has implications for the future listing of XRP on centralized exchanges, with Crypto.com already taking steps and Gemini considering listing XRP for spot and derivatives trading.

 It's important to note that the court's ruling also classified XRP as a security, raising questions about the legality of its offering. Institutional investors who purchased directly from Ripple may face potential class-action litigation as underwriters. The implications of this ruling are significant, setting a precedent for the SEC's actions against other cryptocurrencies.

 Despite the legal implications, traders have focused on the positive aspects of the ruling, resulting in a surge in XRP's price and bullish positioning in the perpetual futures market. Perpetual futures, which operate without expiry or settlement dates, have seen increased interest from traders.

 The evolving situation surrounding XRP and the court's ruling will continue to be closely monitored as the cryptocurrency market reacts to these developments.

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