LTC surpassed XRP’s market cap after its price crashed to $0.17 and fell from the fourth-biggest crypto by market cap position. Now, Litecoin holds that title as we read more in today’s Litecoin news.
LTC surpassed XRP’s market cap As the fourth-biggest crypto by market cap after Ripple got hit with a lawsuit by the Securities and Exchange Commission, and several exchanges suspended XRP trading. XRP is no longer the fourth biggest crypto asset by market cap and the coin was surpassed by Litecoin for the fourth position as the SEC Lawsuit drove the price further in the ground.
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Litecoin which is a BTC spinoff is the fourth biggest cryptocurrency now by market capitalization. This is not due to the hype around LTC as the coin also dropped in price by 10% to $121 but rather that XRP fared even worse. XRP dropped in price by 40% today thanks to the SEC lawsuit which made the coin crash by more than 60%. Litecoin’s market cap stands at $8.2 billion while XRP’s is set at $8.1 billion which will likely drop further and will fall behind Bitcoin Cash which is also considered a BTC spinoff.
XRP’s price started to drop after Ripple was hit with the SEC lawsuit on Monday. The suit alleges that the company raised $1.3 billion worth of XRP in unregistered securities sales since 2013 while Ripple maintains a huge amount of XRP in escrow wallets which it still sells periodically to manipulate the supply of coins in circulation. The SEC alleged that these activities are illegal and it also said that Ripple’s co-founder Chris Larsen and CEO Brad Garlinghouse are defendants in the lawsuit. Garlinghouse said:
“We are right and will aggressively fight – and win – this battle in the courts to get clear rules of the road for the entire industry in the U.S. We are on the right side of the law, the right side of policy and will absolutely be on the right side of history. In the meantime, it’s business as usual for Ripple.”
Several exchanges including Coinbase, OkCoin and Bitstamp will suspend trading of the coin next month. As Recently reported as well, Bittrex decided to halt all trading services for XRP on its platform.
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