Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
XRP Pushes Past BNB to Become 4th Largest Cryptocurrency; Funding Rates Surge

XRP Pushes Past BNB to Become 4th Largest Cryptocurrency; Funding Rates Surge

CoindeskCoindesk2023/07/14 06:22
By:Omkar Godbole

XRP's market capitalisation surged by more than 60% to $41.44 billion in the past 24 hours.

Top cryptocurrencies by market value (CoinDesk Indices)

Payments-focused cryptocurrency has surpassed BNB token to become the world's four-largest digital asset by market cap.

As of writing, XRP boasted a market cap of $41.44 billion, with the tally surging 66% in the past 24 hours alone, according to . While BNB's market value rose 6.5% to $40.57 billion. XRP's price surged from 47 cents to nearly 78 cents.

Ripple Lab's partial victory in a long, drawn-out legal battle with the U.S. Securities and Exchange Commission (SEC) over the sale of XRP has powered the cryptocurrency's surge.

On Thursday, the District Court for the Southern District of New York Ripple's offer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts as alleged by the SEC.

The Court, however, said that Ripple's direct sale of XRP worth over $700 million to institutions, hedge funds and other parties violated securities laws. The SEC, in late 2020, filed a lawsuit against Ripple for selling unregistered securities after the company sold $1.3 billion worth of XRP. The regulatory action kept saw several exchanges delist XRP and kept the cryptocurrency under pressure while the broader market ended that year on a high note.

The first part of the ruling has opened doors for a renewed listing of XRP by centralized exchanges. has already taken the step and is exploring the listing of XRP for both spot and derivatives trading.

Meanwhile, the second part of the ruling has determined that XRP is a security, according to CoinShares’ Head of Product, Townsend Lansing.

"The Court has found Ripple to be in violation of securities laws, specifically in relation to direct sales to institutional investors. As such, XRP is not only deemed a security, but questions have arisen regarding the legality of its offering. In regards to these sales, the Court has confirmed that the law was indeed violated, marking a considerable victory for the Securities and Exchange Commission (SEC) and setting a precedent for its legal actions against other cryptocurrencies," Langsing said in an email.

"It is important to note that institutional investors who purchased directly from Ripple may find themselves subject to class-action litigation as potential underwriters. This is an area to watch closely, especially if big-name venture capitalists were involved," Langsing added.

Traders have yet to focus on the second part of the ruling, as evident from the price surge and the bullish positioning in the perpetual futures market.

Perpetual futures are like standard futures contracts with no expiry or settlement date.

The perpetual futures market is biased bullish as suggested by positive funding rates. (Coinglass)

show aggregated volume-weighted perpetual futures funding rates worldwide have jumped to the highest since at least December. The open interest-weighted rates have risen to a four-month high.

Both suggest the leverage is decisively skewed to the bullish side.

Funding rates are periodic payments of an asset between bullish long and bearish short position holders in the perpetual futures market. A positive funding rate means longs are dominant and are paying shorts to keep their positions open.

Edited by Parikshit Mishra.

13

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Hyperliquid News Today: Hyperliquid's HYPE Token Unlock: Will Clearer Governance Mitigate the Threat of Selling Pressure?

- Hyperliquid's 2025 HYPE token unlock (2.66% supply) sparks market stability concerns amid 23% monthly price drop. - Community tensions rise over unlock transparency, with experts warning verbal assurances cannot counter sell-pressure risks. - Weak technical indicators (34 RSI, $35.50 support level) highlight fragility despite $259B monthly trading volume. - Institutional partnerships (BlackRock, Stripe) bolster credibility but governance controversies persist over decentralization. - Future trajectory de

Bitget-RWA2025/11/30 17:46
Hyperliquid News Today: Hyperliquid's HYPE Token Unlock: Will Clearer Governance Mitigate the Threat of Selling Pressure?

Dogecoin News Today: Despite the Meme Craze, Dogecoin Fails to Attract Institutional Investors as ETF Lags Behind

- Dogecoin (DOGE) stabilized near $0.1495 in late November 2025, with whale activity at a two-month low and price consolidation between $0.1476–$0.1499. - Key support at $0.13–$0.15 (aligned with 200-period MA) shows steady accumulation, while elevated holder counts signal long-term investor conviction. - Grayscale's GDOG ETF underperformed expectations with $1.8M inflow, contrasting Solana/XRP ETF success and highlighting Dogecoin's institutional appeal struggles. - Broader market shifts, including Solana

Bitget-RWA2025/11/30 17:46
Dogecoin News Today: Despite the Meme Craze, Dogecoin Fails to Attract Institutional Investors as ETF Lags Behind

The ICP Network’s Steady Rise: How Decentralized Infrastructure is Surpassing Conventional Technology

- ICP Network's 2025 Q3 revenue surged 30% driven by AI tools, partnerships, and a hybrid cloud model with 50% increased computing capacity. - Traditional cloud giants AWS and Azure maintain 67% market share but face stagnation risks from decentralized alternatives offering 80% cost reductions and outage resilience. - $760M U.S. DOE grants accelerate DePIN growth, enabling blockchain-based compute marketplaces that outperform centralized systems in scalability and adaptability. - Modular ecosystems like Ac

Bitget-RWA2025/11/30 17:46
The ICP Network’s Steady Rise: How Decentralized Infrastructure is Surpassing Conventional Technology