XRP, the controversial Ripple-affiliated cryptocurrency, has climbed to fifth place by market capitalization, according to CoinGecko data.
It has surpassed BNB, the native token of cryptocurrency giant Binance, by market capitalization. The two cryptocurrencies are currently valued at $96.7 billion and $96 billion, respectively.
XRP is now on the cusp of approaching the much-coveted $100 billion club.
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As reported by U.Today, XRP has surged by well over 200% during this November, scoring its best-performing month since December 2017.
On Friday, the token managed to surpass the key resistance level at $1.60 and extended its rally.
At press time, XRP is changing hands at $1.7, its highest level since April 2021.
The XRP token is rallying hard amid growing speculation that the Securities and Exchange Commission (SEC) going to drop the Ripple lawsuit following the upcoming leadership change. As reported by U.Today, Chris Giancarlo, former chairman of the Commodity Futures Trading Commission (CFTC), recently stated that he "would bet" on such a scenario.
XRP, which was briefly the second-biggest cryptocurrency in 2018, came close to dropping out of the top 10 following the SEC's lawsuit against Ripple in late 2020. Now that the crypto industry has defeated SEC Chair Gensler, XRP has returned to the top 5 cryptocurrencies by market capitalization. However, it is still down 50% from its long-standing lifetime high of $3.4 which was achieved in January 2018.
