XRP outperforms BNB amid relentless rally

XRP, the controversial Ripple-affiliated cryptocurrency, has climbed to fifth place by market capitalization, according to CoinGecko data.

It has surpassed BNB, the native token of cryptocurrency giant Binance, by market cap. The two cryptocurrencies are currently valued at $96.7 billion and $96 billion respectively.

XRP is now on the verge of approaching the much-coveted $100 billion club.

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As reported by U.Today, XRP has surged well over 200% during this month of November, scoring its best month since December 2017.

On Friday, the token managed to surpass the key resistance level at $1.60 and extended its rally.

At press time, XRP is changing hands at $1.7, the highest level since April 2021.

The XRP token is rallying hard amid rising speculation that the Securities and Exchange Commission (SEC) will drop the Ripple lawsuit following the upcoming leadership change. As reported by U.Today, Chris Giancarlo, former chairman of the Commodity Futures Trading Commission (CFTC), recently stated that he “would bet” on such a scenario.

XRP, which was briefly the second largest cryptocurrency in 2018, was close to falling out of the top 10 following the SEC’s lawsuit against Ripple in late 2020. Now that the crypto industry has defeated SEC Chair Gensler, XRP has returned to the top 5 cryptocurrencies by market cap. However, that is still down 50% from its long-term high of $3.4 reached in January 2018.