Litecoin (LTC) and XRP briefly traded locations in market capitalization rankings over the weekend, highlighting the impression of the current lawsuit in opposition to Ripple filed by the US Securities and Change Fee.
The so-called “flippening” occurred early Sunday when Litecoin’s market cap 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 within the fourth 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 has 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 announced a lawsuit against Ripple for allegedly violating securities legal guidelines. Peak to trough, XRP worth tumbled greater than 73%, in response to CoinMarketCap knowledge.
XRP’s highway to restoration is likely to be a bumpy one as traders await the end result of the 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 might wrestle to regain momentum. A wave of delistings at main exchanges additionally threatens XRP’s rebound potential.
In the meantime, Litecoin’s ascendancy probably has extra to do with Bitcoin than any change within the mission’s underlying fundamentals. Cointelegraph highlighted an apparent surge in altcoin volume in December as Bitcoin’s worth zipped previous $20,000.
The entire market cap of all cryptocurrencies rose to all-time highs over the weekend, peaking at round $907 billion.