Litecoin briefly overtakes XRP as fourth largest cryptocurrency
The problems for XRP briefly caused it to drop from 4th to 5th place in terms of market capitalisation.
Litecoin (LTC) and XRP briefly swapped places in the market cap rankings over the weekend. This again highlights the impact of the recent lawsuit against Ripple by the US Securities and Exchange Commission.
The so-called „flippening“ happened on Sunday, when Bitcoin Machine Litecoin’s market capitalisation rose to $9.95 billion after its price jumped more than 12 percent. XRP, on the other hand, had fallen more than 25 percent.
LITECOIN JUST FLIPPED XRP pic.twitter.com/yjBq15JtpV
– HODLGeorge (@BitfuryGeorge) January 3, 2021
At press time, XRP was back in fourth place with a market cap of $10.5bn. Litecoin, meanwhile, was at just over US$9.9bn. Over the past seven days, the Litecoin price has grown by about 14 percent, while XRP has fallen by almost 20 percent.
The Litecoin price has more than doubled since mid-December. This also underlines Bitcoin’s impact on the market as a whole. XRP was also soaring before the SEC announced a lawsuit against Ripple for alleged violations of securities laws. From peak to trough, XRP has fallen more than 73 percent, according to CoinMarketCap data.
XRP is sure to struggle to recover from this as investors await the outcome of the lawsuit
The process could take several years. Without a settlement with the SEC, XRP could struggle to regain momentum. Denotations on major exchanges also threaten XRP’s recovery potential.
Meanwhile, Litecoin’s rise probably has more to do with Bitcoin than a change in the underlying fundamentals of the project. Cointelegraph highlighted an apparent surge in altcoin volume in December, when the bitcoin price broke through the US$20,000 mark.
The total market capitalisation of all cryptocurrencies rose to an all-time high over the weekend, peaking at around US$907 billion.