There was a time when the crypto-blockchain industry was launched, it only supported Bitcoin (BTC). With the passage of time, more cryptocurrencies were launched and to this day, the number of cryptocurrencies has grown over 16,000 cryptocurrencies.
Just like other sectors, the competition in the crypto-sector is also there. Every day, a new cryptocurrency hits the spotlight and gains more value compared to its competitors. However, Bitcoin and Ethereum do not seem to be having any competition.
Bitcoin and Ether are currently the largest cryptocurrencies in the entire cryptocurrency industry. The market valuation of Bitcoin shows that its current valuation is over $958 billion, while the valuation for Ether is over $480 billion.
The cryptocurrency on the third spot at present is Binance Coin (BNB) with a valuation that is worth over $91 billion. This means that it is currently BTC and ETH that run the show.
Where was Ripple (XRP) before Ether?
Although Bitcoin has been on top of the list from the time the crypto-sector came into being, it wasn’t the case for Ethereum. While the crypto-sector came into being in 2009, ETH was launched in 2015. This means that there was another cryptocurrency that occupied the second spot until ETH took the stage.
It was in 2012 when XRP hit the floor and right after its launch, it was ranked the second-largest cryptocurrency in the entire crypto-verse. However, the year 2015 was the inception of ETH and that is when ETH started making its presence known.
The concept offered by Ethereum soon reached out to more investors and crowds than Ripple. As ETH continued progressing and offering a lot of innovation, it was in 2018 when ETH became the second-largest cryptocurrency.
XRP as third Largest Cryptocurrency and US SEC’s Involvement
As Ether became the second-largest cryptocurrency, XRP occupied third place until the end of 2020. This is when in December of 2020, the US Securities and Exchange Commission (SEC) decided to take Ripple to court.
The US SEC claimed that Ripple was involved in offering its XRP (securities) to the citizens of the United States without authorization. On the other hand, Ripple tried clearing its position by explaining its situation to the entire crypto-verse.
XRP Took a Huge Hit to its Market Valuation
As the US SEC took XRP to court in December 2020, it ended up inflicting huge damage to XRP’s price and valuation. XRP lost its third place in the entire crypto-verse, making room for other cryptocurrencies to take the spot. The majority of the cryptocurrency exchanges removed XRP from their listings as they couldn’t offer them until XRP’s position was cleared by the US judiciary.
Current Situation of XRP
Even to this day, XRP is at it with the US SEC and it has been working really hard to clear its position and stance in the crypto-market. Despite the legal scuffle with the US SEC, XRP has managed to regain its place as the seventh-largest cryptocurrency in the entire crypto-verse.
In a matter of 12-months, XRP has kept its partnerships and collaborations intact with firms such as SBI, Nelnet, MoneyGram, and many more. In addition to this, XRP has formed partnerships with several countries such as Bhutan and Palau to help develop their CBDCs.
In addition to the above, Ripple has launched cross-border transacting platforms, a nonfungible token marketplace, and so much more for the crypto-communities.
Through these efforts, Ripple (XRP) has continued taking the US SEC head-on and has continued growing in price and valuation.
Performance Analysis for XRP
Despite all the ups and downs, XRP’s price has continued growing, and compared to BTC’s 72.62% YTD growth, it has grown by 287.89%. This means that XRP has still proven to be more profitable than the largest cryptocurrency.
When it comes to crypto price analysis, XRP is currently trading at 0.8796 versus the USDT. As for the valuation, it is currently at $43.78 billion for XRP, making it the 7th largest cryptocurrency. Even the cryptocurrency brokers have now started listing back XRP, as things seem to be going in Ripple’s favor versus the US SEC.