XRP Market Valuation Crosses $20 Billion Benchmark, Overall Crypto Market Records Huge Liquidation

A significant uptick has been recorded in the cryptocurrency industry as the year 2023 began. The investors who waited for an entire year for a bullish trend in the crypto-verse are finally happy.

However, the XRP investors are rejoicing as they are finally seeing major developments being made by their assets.

Cryptocurrency has been gaining quite a lot of attention since the beginning of the year. It caught even more attention after people saw that the asset crossed a $20 billion market valuation just recently.

XRP Valuation Crosses $20 Billion

The data from CoinMarketCap shows that it is for the first time since September 2022 that the market valuation of XRP has crossed the $20 billion benchmark.

This is because the entire crypto market has been experiencing a bullish trend and XRP is also riding the same tide.

Therefore, the price of the asset has been rising making it even more attractive than before.

XRP’s Recent Performance

The data collected from CoinMarketCap shows that the trading value of XRP has scored a 4.14% surge in the past 24-hours.

Following the surge, the trading value of the asset has been pushed up to a high of $0.4096 per XRP. In light of the recent price movement, the market valuation of XRP has risen all the way up to $21.11 billion.

Prior to the surge, the valuation of XRP was below $20 billion. The report shows that the valuation of the asset was at a low of $19.65 billion.

The jump over the $20 billion benchmark shows that in the past 24-hours, the valuation of XRP has added $1 billion. This is a major push that the asset has recorded in a matter of 24 hours.

Ripple is a Commodity

For a long time, the US Securities and Exchange Commission has continued claiming that XRP is a security.

On the other hand, Ripple Labs, the company behind the issuance of the XRP token continues claiming that it is a commodity.

On January 20, David Schwartz, the chief technology officer at Ripple reiterated to the community and every concerned entity that XRP is a commodity.

The statement from Schwartz comes as a reiteration for the US SEC which has been quarreling with Ripple over the same claim.

It was in late December 2020 when the legal tussle began between the US SEC and Ripple. The reason behind the tussle was the very claims made by the US SEC and Ripple.

Both sides had contradictory claims against each other’s perception of the XRP asset. The legal battle is still ongoing between both sides.

In mid-December 2022, it was claimed that both sides were coming to a settlement. However, it is Ripple that seems to be winning the case against the US SEC.

Therefore, Ripple does not want to go through any kind of settlement. If it does that, it may end up giving an impression to its communities that somewhere, Ripple knew that XRP was a security.

This would give an upper hand to the US SEC over Ripple that they may use against them to undermine Ripple and its native token, XRP.

However, Brad Garlinghouse, the current CEO at Ripple has made it crystal clear that they are not going to do any settlement with US SEC.

The company is confident that the valuation of XRP will continue rising and Ripple will win the case against the US SEC.

The situation of the Rest of the Crypto Market

After a long time since mid-2022, the market valuation of the crypto market was able to reclaim the $1 trillion mark. It happened as the entire crypto market witnessed a more than 7% surge in the past 24-hours.

In the past 24-hours, Bitcoin recorded an 8.87% surge in value while Ethereum recorded a 5.13% surge in value.

Even other major cryptocurrencies such as Solana, Cardano, Binance Coin, and many more recorded over 10% surges in values in the past 24-hours.

Despite the surge, the investors are carrying out liquidation to generate profits. The past 24-hour data shows that the investors have liquidated $400 million worth of crypto funds.