XRP market cap hits $42B, replaces Cardano (ADA) to become 6th-largest crypto

Key Takeaways

• Ripple network’s native token XRP flipped Cardano’s ADA to claim 6th spot by market cap
• ADA, on the other hand, faces hard time on the charts as 69% of its holders remain in losses

YEREVAN (CoinChapter.com)- Ripple blockchain’s native token XRP surged over 40% this week to reclaim the lost market capitalization of $42 billion. As a result, the controversial crypto flipped Cardano (ADA) to claim the 6th spot among top cryptocurrencies by market cap, according to data available on CoinMarketCap. 

At the time of writing, the XRP price is $0.8835 per token. Despite the bullish spike, the payment utility token remains about 80% below its all-time high of $3.84, which it attained on Jan. 4, 2018. 

The allegedly tendentious court case against Ripple by the US Securities and Exchange Commission (SEC) was the main cause of XRP’s decline. 

In detail, the SEC filed a lawsuit against Ripple Labs and two of its executives on Dec. 22, 2020. The agency alleges Ripple traded $1.3 billion in XRP as security without registering with the SEC. Ripple has since claimed that the SEC is biased against them. In particular, Ripple claims the SEC gave Ethereum (ETH) a pass while targetting XRP. 

Recommended: XRP rallies over 40% on hopes that SEC vs. Ripple case would come to an end

XRP revives as 69% of ADA holders stay in loss

While Ripple’s XRP has worn its rally shoes, at least for now, Cardano blockchain’s native token ADA continues to suffer blows. 

At the time of writing, ADA trades at $1.18, a massive 62% below its all-time high of $3.10 from last September. However, in even more bad news for ADA, its holders suffer heavy losses. According to data available on Into The Block, almost 70% of ADA holders remain in loss.

Of the over 424,000 addresses that hold the coin, only 19% are in profits. With only 12% at a breakeven point, most holders, amounting to 69%, stay bruised in losses. 

In other news, Bitcoin (BTC) has emerged from the bear market to reclaim the $45,000 mark as the markets paint the charts in green.