10 Years Ago Today, Ripples XRP Was The Worlds Second Most Valuable Cryptocurrency
Exactly 10 years ago, Ripple-promoted XRP was ranked the industrys second-largest cryptocurrency by market value. As pointed out today by a crypto pundit, XRP held the position just behind the worlds largest and oldest crypto, Bitcoin (BTC). Back then, XRP had sought to establish itself as a safe alternative to other cryptocurrencies by stressing its connections to existing financial institutions.
Fast-forward to 2024. Many cryptocurrencies that existed 10 years ago have faded into obscurity, but XRP remains among the top 10 largest on the crypto leaderboard.
XRP As Cryptos Number Two
XRP, the cryptocurrency long connected to San Francisco blockchain payments startup Ripple, was once the markets reigning number two asset.
In a recent post on X, crypto commentator Satoshi Club shared a screenshot of what the top 10 cryptos looked like ten years ago. Bitcoin held the first position with a market cap of $4.76 billion. At the time, the flagship crypto was valued at just $354.70. XRP ranked second with a $131 million market cap.
Other crypto assets, Litecoin, Bitshares, Dogecoin, Nxt, Peercoin, Maidsafecoin, Counterparty, and Namecoin, took third to tenth spots, respectively. Notably, Vitalik Buterins Ethereum had not yet come into existence as the blockchain was officially launched in July 2015.
XRPs groundbreaking consensus algorithm, the XRP Ledger Consensus Protocol, gave it an edge against Bitcoins proof-of-work (PoW) security model, as it facilitated seamless and near-instant transactions.
XRP reigned as the worlds second-largest cryptocurrency until 2018, when it reached a lifetime high of $3.40 on Jan. 7, 2018.
XRPs Resilience Amid Legal Hurdles
While XRP no longer holds the second spot, it is commendable that the token is still one of the cryptos in the top 10 coveted club despite Ripples years-long dispute with the U.S. Securities and Exchange Commission.
XRP had long been the third largest crypto a couple of years ago before the SEC filed its suit in late 2020. The agency accused Ripple of raising $1.3 billion via the unregistered sale of the XRP crypto, which they deemed a security.
In July 2023, Ripple notched a partial court win against the regulator when a judge ruled that programmatic sales of XRP to retail investors did not constitute securities. XRP momentarily spiked to become the fourth-biggest crypto by market value after the historic ruling.
The SEC is currently appealing the judges decision, with XRP occupying the seventh place.
Text source: ZyCrypto
