Litecoin flips XRP to become 4th largest crypto
Litecoin has overtaken XRP to become the fourth largest cryptocurrency on the market, according to research unit Messari.
The ‘flippening’ comes after the SEC sued Ripple Labs for selling XRP without registering the digital asset as a security with US regulators.
XRP’s price collapsed up to 70% on the news — but even after rebounding slightly, Ripple Labs’ cryptocurrency has so far lost $12 billion from its market value in a little over a week.
The lawsuit further triggered high-profile exchanges Coinbase and Bitstamp to suspend XRP trade, while funds like Bitwise have moved to dump their holdings altogether.
[Read more: SEC vs. Ripple Labs — is XRP a security?]
Behind Bitcoin and Ethereum, XRP has long been the world’s third largest cryptocurrency. Now, Litecoin’s reported market cap sits at $8.4 billion — nearly 10% bigger than XRP’s $7.6 billion.