Consequence of the SEC Lawsuit: Ripple (XRP) Becomes Top

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May 9, 2024 4:03 AM

TL;DR

XRP saw increased discussion rate, spurred by the SECs criticism of its upcoming stablecoin. The asset has been quite popular in the past few years due to the ongoing lawsuit between Ripple and Americas securities regulator.

The Top 10 Club

The market intelligence platform Santiment presented the top 10 cryptocurrencies that have been involved in the most discussions lately. The first place belongs to the popular privacy token Monero (XMR) due to the disclosure that the peer-to-peer (P2P) trading platform LocalMonero halted operations.

Monero is being discussed at an abnormally high rate due to the announcement that LocalMonero is sunsetting as governments continue cracking down on XMR and other privacy focused assets, the platform stated.

The second spot was occupied by Ripples XRP. The tokens popularity surged following the latest bashing manifest from the US Securities and Exchange Commission (SEC), which labeled the companys upcoming stablecoin an unregistered crypto asset.

The largest cryptocurrencies by market capitalization Bitcoin (BTC) and Ethereum (ETH) followed next, while Ethena (USDe) rounded up the top 5 list.

SuperVerse (SUPER), Chia (XCH), Kaspa (KAS), IDEX (IDEX), and Celsius Network (CEL) are the other coins included in Santiments ranking.

XRP on the Spotlight for Another Reason

The seventh-largest cryptocurrency by market capitalization has been a top-trending topic for many years mainly because of the Ripple v SEC lawsuit, which is centered on its classification.

It often experiences significant volatility following important developments surrounding the case. For example, XRPs price exploded by over 70% in a matter of hours after Ripples first partial court victory in 2023.

The legal spat entered its trial phase in April this year, with many industry participants expecting an impressive rally for the asset in the event of a decisive win for the firm. Those willing to dive deeper into the specifics of the lawsuit and its potential impact on XRP, feel free to take a look at our dedicated video below:

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