Polkadot flipped XRP To become the 4th biggest cryptocurrency as they were both going in opposite directions since Ripple was sued by the SEC for breaking securities regulations as we reported previously in our Ripple news.
Polkadot’s price increased by 60% in the past week and its price dropped by more than 9% in the past week. Polkadot flipped XRP to become the 4th largest cryptocurrency with a market cap of $13.2 billion compared to the one of Ripple $12.8 billion. Polkadot’s price surge continues and its native DOT Token is now trading for $14.66 after experiencing about a 60% rise in the past week. Just two days ago, the market capitalization pushed past $10 billion for the first time and according to data from CoinMarketCap has gone above $13 billion to surpass XRP.
With a market cap of $13.2 billion, Polkadot is officially the fourth-biggest cryptocurrency by market cap after BTC with $696 billion, ETH $135 billion, and Tether $24 billion while XRP has $12.8 billion. Polkadot was created by Parity Technologies which is led by Gavin Wood and Jutta Steiner which transitioned at the end of 2018 from working on Parity and other Ethereum projects and now to focus only on Polkadot.
Polkadot is an interoperability protocol for connecting a few blockchains and its native DOT tokens are both used for voting on governance issues and for creating “parachains.” While the development is now taking place on the Polkadot platform the trading activity is getting slower for XRP. In December last year, the US Securities and Exchange Commission brought a $1.3. billion lawsuits against Ripple Labs and both Chris Larsen and Brad Garlinghouse. According to the SEC, XRP represents security and the defendants all had access to considerable amounts of XRP because it was created by the Ripple founders which sold huge amounts of XRP over the years.
Since the SEC announcement, Ripple and XRP faced a steady blow of bad news. Just this week, Grayscale investment decided to dissolve its XRP trust and Kraken announced it will stop all trading for XRP, joining the list of exchanges that already did it. The price of XRP dropped by 9% in the past 7 days and trades at under $0.30.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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