Litecoin (LTC) and XRP briefly traded places in market capitalization rankings over the weekend by highlighting the impact of the recent lawsuit against Ripple filed by the United States Securities and Exchange Commission (SEC).
It has been reported that the so-called “flippening” happened early Sunday when Litecoin’s market cap hit $9.95 billion after a more than 12% surge in price.
However, XRP had declined in excess of 25% over a 24-hour trading period.
LITECOIN JUST FLIPPED XRP💪 pic.twitter.com/yjBq15JtpV — HODLGeorge 🚀🚀🚀 (@BitfuryGeorge) January 3, 2021
The report said that XRP was back in the fourth position with a market cap of $10.5 billion. Litecoin was worth just over $9.9 billion. In the last seven days, Litecoin’s price has gained around 14% while XRP has tumbled nearly 20%.
According to CoinMarketCap data, Litecoin’s price has more than doubled since mid-December, highlighting Bitcoin’s gravitational pull on the broader market. XRP was also on a tear before the SEC announced a lawsuit against Ripple for allegedly violating securities laws.
Likewise, XRP’s road to recovery is likely to be a bumpy one as investors await the outcome of the litigation, a process that could take several years to play out. Without a settlement with the SEC, the value of XRP could struggle to regain momentum.
A wave of delistings at major exchanges also threatens XRP’s rebound potential.
Thus, Litecoin’s ascendancy likely has more to do with Bitcoin than any change in the project’s underlying fundamentals.
Source: Cointelegraph