XRP Position In The Crypto Top 4 Ranking: Can It Endure?

Christian Encila

Last Updated: July 24, 2023 11:30 am

4 mins read

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XRP, riding on its latest price uptrend, achieved a momentous feat by surpassing BNB to claim the esteemed position of the fourth-largest cryptocurrency by market capitalization.

Encouraged by the recent non-security ruling following Ripple Labs’ arduous legal battle against the Securities and Exchange Commission, the value of XRP soared to new heights, and its popularity experienced a notable surge.

According to a recent tweet by LunarCrush, XRP proudly took the number one spot on the platform’s trending list, cementing its growing appeal within the crypto community. Such widespread recognition undoubtedly contributed to XRP’s recent success.

But the question that now looms is whether this newfound popularity will be enough to sustain its position in the crypto market hierarchy.

Top ten current trending searches🔍 on https://t.co/Ye6Yvoh7kQ

1️⃣ $xrp
2️⃣ $pepe
3️⃣ $shib
4️⃣ $ftm
5️⃣ $btc
6️⃣ $inj
7️⃣ $matic
8️⃣ $lunr
9️⃣ $lunc
🔟 $dydx pic.twitter.com/8n3kONT4Th

— LunarCrush (@LunarCrush) July 22, 2023

Ripple’s Partial Win Sparks Enthusiasm But XRP Faces Decline

Following Ripple’s partial legal victory, XRP holders were elated, propelling the altcoin to reach a local peak of $0.9375. However, the sentiment has taken a downturn at present, and XRP’s price action has turned bearish, with the token currently trading at $0.700 on Coingecko, marking a 24-hour decline of 5.5% and a seven-day decrease of 3.9%.

XRP red in all timeframes. Source: Coingecko

A recent XRP price report sheds light on the bearish nature of the token’s daily chart. Notably, its Chaikin Money Flow (CMF) indicator recorded a downtick, indicating a decrease in the buying pressure. Similarly, the Money Flow Index (MFI) also signaled a bearish trend.

XRP price performance in the last week. Source: Coingecko

The overall metrics do not favor XRP either, as its MVRV Ratio experienced a sharp decline over the past few days. Moreover, the network growth of XRP has decreased, implying a reduction in the creation of new addresses for transferring the token.

SEC To Appeal Judge’s Decision In Landmark Crypto Case

A recent Bloomberg report revealed that the SEC is set to appeal the ruling made by Judge Analisa Torres in a significant crypto case. The regulatory institution believes that the judge made an error in ruling against them and intends to challenge the decision.

XRP market cap currently at $36.6 billion. Chart: TradingView.com

The SEC has put forth its argument, asserting that the court failed to adequately consider the evidence presented by the regulator during the case. Additionally, they claim that the court did not appropriately apply the relevant laws to the facts presented before it. This has prompted the SEC to take action to rectify what they perceive as an incorrect judgment.

The core issue is whether Ripple Labs should have registered its XRP token as a security with the SEC. The regulatory body contends that if Ripple Labs is permitted to continue operating without registering the XRP token as a security, it could potentially harm investors.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from CryptoTicker

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.