Embattled cryptocurrency Ripple has dropped out of the top 5 coins based on marketcap. This comes after the damaging effects of the lawsuit from the SEC in December. Since then the cross-border token has lost a huge chunk of its market cap as investors have diverted their funds to other tokens.
Polkadot and Cardano have taken advantage of this and surpassed Ripple on the coin rankings in recent days. This has taken Ripple away from the top 5 coin rankings for the first time since 2017.
DOT topped XRP for the second time
With the listing of the new “altseason” came new orders for large-cap altcoins, and the target chosen by investors is very different from the target at the beginning of 2018.
Bitcoin Cash (BCH) is among the victims. According to Cointelegraph, the coin has been removed from the top ten alternatives to Stellar (XLM) and Dogecoin (DOGE) this week. For XRP, the loss could be worse. At the time of writing, the token was trading at $0.46 and due to legal issues with major shareholder Ripple, the token’s previous trading price was just $0.16.
While these issues remain unsolved and US regulators may still classify XRP as an unregistered security, its wealth has improved in recent weeks.
However, with the amazing growth over the course of 2021, Polkadot has proven that one of the oldest altcoins on the market cannot be beaten. In the past week alone, DOT/USD is up more than 40% and briefly broke XRP in January.
XRP/USD 1-week candle chart (Bitstamp). Source: TradingView
Cardano compete with Ripple for the top 5
This way, XRP will soon be a thing of the past among the top five cryptocurrencies by market capitalization as competitor Cardano (ADA) has itself targeted. As of Tuesday, the market value of XRP and ADA each topped $21 billion. At its peak, the XRP was more than $125 billion, and the price of each token was $3.84 to $735 above the current price.
Despite the lack of progress from the all-time high, Ripple’s infamous social media followers still believe that good times are around the corner. However, in terms of the main adoption, XRP has been overshadowed as large corporations buy Bitcoin (BTC) and institutions continue to welcome Ethereum (ETH).
