Litecoin (LTC) and XRP briefly traded locations in market capitalization rankings over the weekend, highlighting the affect of the current lawsuit in opposition to Ripple filed by the US Securities and Alternate Fee.
The so-called “flippening” occurred early Sunday when Litecoin’s market cap hit $9.95 billion following a greater than 12% surge in value. 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 value has gained roughly 14% whereas XRP has tumbled almost 20%.
Litecoin’s value 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 value tumbled greater than 73%, in line with CoinMarketCap knowledge.
XRP’s street to restoration is likely to be a bumpy one as traders await the result of the litigation — a course of that might take a number of years to play out. With no settlement with the SEC, the worth of XRP may 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 venture’s underlying fundamentals. Cointelegraph highlighted an apparent surge in altcoin volume in December as Bitcoin’s value zipped previous $20,000.
The overall market cap of all cryptocurrencies rose to all-time highs over the weekend, peaking at round $907 billion.