A remarkable development has occurred in the cryptocurrency market. XRP, utilized for cross-border payments, experienced an almost 300% value increase within just one month. This rapid growth has propelled XRP to become the fifth-largest cryptocurrency by market capitalization.
Significant Increase in XRP’s Market Value
XRP’s market value has drawn attention due to its striking increase throughout November. According to CoinMarketCap data, XRP’s current market value stands at approximately $110 billion. This value surpasses Binance‘s native asset, BNB, which has a market capitalization of $94.422 billion.
On November 1, XRP traded at $0.491, reaching $1.957 by the end of the month. This shift allowed XRP to achieve a 298% increase within just 30 days. With this surge, XRP surpassed BNB, an essential component of the Binance ecosystem, to secure the fifth position.
Impact of the SEC Lawsuit and Historical Context
The legal battle with the U.S. Securities and Exchange Commission (SEC) has also influenced XRP’s value increase. In December 2020, the SEC filed a lawsuit against Ripple 
$2, claiming that XRP was sold as an unregistered security. This situation led to significant drops in XRP’s market value.
However, in July 2023, Judge Analisa Torres ruled that Ripple’s sales of XRP in the open market were exempt from being considered securities. This decision marked a significant victory for Ripple. The reduction of legal uncertainties has rebuilt investor confidence.
In recent months, XRP has gained a significant position in terms of market value, approaching Solana 
$228. Currently, XRP trades at $1.94, nearing the $113.416 billion market value of Solana, known as a rival to Ethereum 
$3,669.
XRP’s rapid rise has resonated within the cryptocurrency market. The increase in market value and trading volume captivates investor interest. XRP’s future performance is closely monitored within the crypto world.
