Solana Surges Past XRP To Become Fifth Largest Digital Asset

NEW YORK, Thursday, December 21 – Solana (SOL) dethroned longtime rival XRP as the fifth-largest digital asset by market capitalization on Wednesday, December 20, surging over 9%, pushing its market cap past $37 billion and eclipsing XRP’s $33.5 billion valuation.¹

This milestone marks a significant turnaround for Solana, which faced a rough 2022 due to the collapse of crypto exchange FTX, a major backer of the ecosystem.

However, recent developments, including a burgeoning decentralized finance (DeFi) community and increased activity in non-fungible token (NFT) projects, have fueled the SOL rally.

XRP, the native token of Ripple Labs, has not enjoyed the same momentum. Legal uncertainties surrounding a lawsuit from the U.S. Securities and Exchange Commission (SEC) continue to cast a shadow over the asset.

While XRP experienced a brief upswing recently, it seems Solana’s strong fundamentals and active community have propelled it ahead.

This shift in the crypto rankings underscores the dynamic nature of the market. While established players like XRP can face setbacks, rising stars like Solana can quickly climb the ladder. While it’s too early to declare a definitive winner, the battle for top crypto supremacy is sure to keep investors on their toes.

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