Ripple’s XRP is almost double the size of Coinbase, the largest crypto exchange in the United States.
It was about 2 years ago, when Coinbase had delisted XRP, citing the SEC lawsuit. But the table has now been turned, as XRP seems rather bullish, while Coinbase’s value is at its lowest ever.
Current share value of Coinbase is at $40.8 and the exchange is worth $9.6 billion, down from the peak of $76.9 billion. This huge decline is largely the consequence of public trust in crypto, which has been declining for some time now. Besides the general bearish market environment, the recent FTX saga may cost the industry further.
On the other hand, lately, Ripple’s XRP has been performing greatly. In the previous working week the coin gained value by over 5%, even outperforming Bitcoin. Currently trading at $0.37, XRP’s total market value is $18.9 billion, as mentioned above, double the size of Coinbase.
Looking at the current market standing it is rather obvious that the only way for XRP to go is upwards, besides the SEC lawsuit is also going pretty good for the firm. Whereas, Coinbase seems to be in a bit of a worry-some situation. Recently, it was reported that Coinbase may go bankrupt after Grayscale, world’s largest Bitcoin fund, refused to share proof of reserves because of security concerns.
It is notable, however, that Coinbase is not the only company that is in the hot waters, recently, FTX also filed for bankruptcy.
As for Ripple, parent to XRP, the firm is doing great in almost every aspect of the business, from litigations to partnerships. Last week XRP announced its partnership with MFS Africa, the continent’s largest remittance company.