The so-called “flippening” took place early Sunday when Litecoin’s market cap hit $ 9.95 billion after a price increase of more than 12%. XRP, meanwhile, was down more than 25% over a 24-hour trading period.
LITECOIN JUST REVERSE XRP pic.twitter.com/yjBq15JtpV
– HODLGeorge (@BitfuryGeorge) January 3, 2021
At press time, XRP was back in fourth position with a market capitalization of $ 10.5 billion. Litecoin, meanwhile, was worth just over $ 9.9 billion. In the past seven days, Litecoin’s price is up about 14% while XRP is down nearly 20%.
Litecoin’s price has more than doubled since mid-December, highlighting Bitcoin’s appeal to the broader market. XRP was also on a tear before the SEC announced a lawsuit against Ripple for alleged violation of securities laws. According to CoinMarketCap’s data, the price of XRP is down more than 73%.
XRP’s Road to Recovery is probably a bumpy one while investors await the outcome of the lawsuit – a process that could take several years. Without a settlement with the SEC, the value of XRP could struggle to get going again. A wave of delisting on major exchanges also threatens XRP’s recovery potential.
Meanwhile, Litecoin’s preponderance probably has more to do with Bitcoin than any change in the underlying fundamentals of the project. Cointelegraph emphasized one apparent rise in altcoin volume in December while Bitcoin’s price dipped past $ 20,000.
The total market cap of all cryptocurrencies soared to record highs over the weekend, peaking at around $ 907 billion.