XRP Flips Solana, Becomes 6th Biggest Crypto by Market Cap
2022.05.09 19:17
XRP Flips Solana, Becomes 6th Biggest Crypto by Market Cap
- XRP (XRP) has flipped Solana (SOL).
- XRP ranks 6th among cryptos by market cap.
- The coin currently has a market cap of $25,935,499,965.
In an interesting turn of events, XRP (XRP) has flipped Solana (SOL). XRP is now the sixth biggest cryptocurrency in the world by market cap.
At the time of writing, with a market cap of $25,935,499,965, XRP is at $0.536664, 0.2% up in the past hour. Meanwhile, Solana has a current market cap of $24,166,338,404.
Analysts on Twitter (NYSE:TWTR) also claim that XRP has its daily closing with a bullish divergence. However, not everyone agrees with this; some state that they have been waiting for the XRP relief for years but were left disappointed.
#XRP daily closing with a bullish divergence | Let’s see if we get some relief
— Cryptoes (@cryptoes_ta) May 9, 2022
The crypto market in general is bleeding red with Bitcoin’s price crashing to $32,979.21. To that end, whales are transferring and liquidating their BTC in bulk. Other coins are doing no better and a whopping $320 million has been liquidated from the cryptocurrency market in the past 24 hours, according to WatcherGuru.
Notably, Solana reached its all-time-high (ATH) in November 2021 at $259.96. It has since fallen 72%. On the other hand, XRP hit its ATH in January of 2018 at $3.40. It has fallen 84% since its ATH.
To highlight, XRP was in a bit of a rut these past few months with the SEC on its tail. However, Ripple CEO Brad Garlinghouse had remarked despite these roadblocks, Ripple had a record year in 2021 and a record Q1 in 2022.
In 2020, SEC had sued Ripple Labs for issuing and selling unlicensed securities — XRP tokens — to the public. The entire industry is eagerly watching the SEC vs. Ripple lawsuit, as its output will establish a precedent. Notably, the findings of this case will also help clear the regulatory landscape for future initial coin offerings.
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