XRP Flips Solana, Becomes 6th Biggest Crypto by Market Cap

In an interesting turn of events, XRP (XRP) has flipped Solana (SOL). XRP is now the sixth biggest cryptocurrency in the world by market cap.

At the time of writing, with a market cap of $25,935,499,965, XRP is at $0.536664, 0.2% up in the past hour. Meanwhile, Solana has a current market cap of $24,166,338,404.

Analysts on Twitter also claim that XRP has its daily closing with a bullish divergence. However, not everyone agrees with this; some state that they have been waiting for the XRP relief for years but were left disappointed.

The crypto market in general is bleeding red with Bitcoin’s price crashing to $32,979.21. To that end, whales are transferring and liquidating their BTC in bulk. Other coins are doing no better and a whopping $320 million has been liquidated from the cryptocurrency market in the past 24 hours, according to WatcherGuru.

Notably, Solana reached its all-time-high (ATH) in November 2021 at $259.96. It has since fallen 72%. On the other hand, XRP hit its ATH in January of 2018 at $3.40. It has fallen 84% since its ATH.

To highlight, XRP was in a bit of a rut these past few months with the SEC on its tail. However, Ripple CEO Brad Garlinghouse had remarked despite these roadblocks, Ripple had a record year in 2021 and a record Q1 in 2022.

In 2020, SEC had sued Ripple Labs for issuing and selling unlicensed securities — XRP tokens — to the public. The entire industry is eagerly watching the SEC vs. Ripple lawsuit, as its output will establish a precedent. Notably, the findings of this case will also help clear the regulatory landscape for future initial coin offerings.