The rise of copycats? XRP surges 8%? Is the market value approaching BNB?

XRP, the native token of payment network company Ripple, has risen more than 8% in the past 24 hours and has gained more than 23% in a week, making it the best-performing digital asset among the top ten cryptocurrencies by market capitalization. According to CoinGecko data, its market value is already comparable to Binance’s BNB, at about $38.3 billion, while BNB is about $39 billion.

What's driving XRP higher

According to a report by The Block, Ruslan Lienkha, head of marketing at YouHodler, believes that the factors currently pushing up XRP are:

• A “fairly successful confrontation” with the U.S. Securities and Exchange Commission (SEC). In mid-October, in the ongoing lawsuit between Ripple and the SEC, all SEC charges against its executives were dismissed.

•The company participates in global CBDC initiatives. Last week, the Central Bank of Georgia announced a partnership with Ripple to develop a pilot program for the country’s central bank digital currency.

Part of broad altcoin rally

Lienkha stated that XRP’s recent price action is not unusual given the recent surge in prices of various altcoins, adding that the rise in altcoins is “a result of the growth of Bitcoin, as other coins’ reaction has been somewhat delayed.”

BitMEX founder Arthur Hayes also believes that the boom in the cryptocurrency market will start with Bitcoin, followed by Ethereum, and then altcoins.

Today's XRP quotation is 0.6945, which is still a long way from the high of 0.9380 when the lawsuit was won in July. #BullRun #Ledger #BTC #ETH。 $BTC $ETH $XRP