XRP is racing ahead of Cardano and Solana after the big rally

After a 20% gain, XRP has risen above Cardano (ADA) and Solana (SOL).

After a 20% gain, XRP has risen above Cardano (ADA) and Solana (SOL).
XRP token | Image: Optimisus

According to CoinMarektCap, XRP has eclipsed Cardano and Solana to become the 6th-largest cryptocurrency by market cap.

Over the last 24 hours, the digital asset has gained 20%, beating some of the major cryptocurrencies.

Despite the recent market sell-off and the uncertainty surrounding Ripple's legal dispute with the US Securities and Exchange Commission, XRP is up 5% this year.

Aside from this, Charles Gasparino of Fox Business also tweeted that the lawsuit was expected to drag on well into the summer.

He went on to say that the Biden administration's executive order on virtual assets might tip the scales in favor of the SEC by "potentially" designating the contentious token as an unregistered security.

Further, the expert discovery process was extended to February 28 at the request of both parties. For instance, additional depositions have been likely as a result of the delay.

Stuart Alderoty, the general counsel at Ripple, recently encouraged the SEC to move the Ripple lawsuit along as quickly as feasible.

Moreover, Ripple CEO Brad Garlinghouse and co-founder Chris Larsen's applications to dismiss the lawsuit have yet to be decided by US District Judge Analisa Torres.

In addition, the court has yet to rule on the SEC's move to dismiss the defendants' important "fair notice" claim. In order to bolster its efforts, the regulator has filed 2 letters of supplementary authority.

Due to the lawsuit against Ripple, XRP fell 70% in December 2020, prompting exchanges to cease trading in the United States.

Despite its recovery, the crypto remains one of the few major digital assets to have failed to set a new all-time high during the most recent bull cycle.