XRP’s fall from grace caused the asset to drop briefly to number five by market capitalization.
Litecoin (LTC) and XRP briefly traded places in market capitalization ratings over the weekend, highlighting the impact of the recent lawsuit against Ripple filed by the US Securities and Exchange Commission.
The so-called „flippening“ occurred early Sunday morning when Litecoin’s market capitalization reached USD 9.95 billion after a price increase of more than 12%. Meanwhile, XRP had declined by more than 25% during a 24-hour trading period.
„LITECOIN HAS JUST SURPASSED XRP“
At the time of this publication, XRP was once again in fourth position with a market capitalization of $10.5 billion. Litecoin, meanwhile, was worth just over $9.9 billion. In the last seven days, Litecoin’s price has gained approximately 14%, while XRP has fallen almost 20%.
Litecoin’s price has more than doubled since mid-December, highlighting Bitcoin’s gravitational pull on the overall market. XRP was also falling before the SEC announced a lawsuit against Ripple for allegedly violating the securities laws. The price of XRP fell more than 73%, according to CoinMarketCap data.
The road to recovery for XRP is likely to be bumpy as investors await the outcome of litigation, a process that could take several years to unfold. Without an SEC settlement, XRP’s value could have difficulty regaining momentum. A wave of write-offs at major exchanges also threatens XRP’s potential rebound.
Meanwhile, the rise of Litecoin probably has more to do with Bitcoin Blueprint scam than any change in the project’s underlying fundamentals. Cointelegraph noted an apparent increase in the volume of altcoins in December when the price of Bitcoin exceeded $20,000.
The total market capitalization of all cryptcoins rose to record highs over the weekend, reaching a peak of around $907 billion.