The current crypto market uptick has pushed Ripple\u2019s XRP<\/a> market capitalization beyond $20 billion for the first time since September 2022, according to CoinMarketCap data.<\/strong><\/p>\n Over the last 24 hours, XRP grew by 4.14% to $0.4096 as of press time. The positive price movement has seen its market cap rise to as high as $21.11 billion from a low of $19.65 billion \u2014 this indicates that the crypto coin added over $1 billion to its market cap during the reporting period.<\/p>\n Ripple\u2019s chief technology officer David Schwartz tweeted that XRP fits the definition of a commodity on Jan. 20. Schwartz said<\/a>:<\/p>\n \u201cXRP is a raw good that trades in commerce and one XRP is treated as equivalent to every other XRP.\u201d<\/p>\n<\/blockquote>\n He noted that this was \u201cpretty much the definition of a commodity.\u201d He added that no part of the coin\u2019s value \u201ccomes from anyone else\u2019s legal obligations to XRP holders.\u201d<\/p>\n Ripple and the U.S. Securities and Exchange Commission (SEC) have been engaged in a legal tussle<\/a> over whether XRP was sold as an unregistered security<\/a>. In a recent interview<\/a>, the crypto company CEO Brad Garlinghouse poured cold water on the possibility of the firm settling with the SEC.<\/p>\n According to Garlinhouse, a settlement would only occur if the regulator agreed that XRP was not sold as a security. Another top executive at Ripple, Stuart Alderoty, tweeted that the case\u2019s outcome would broadly affect the U.S. crypto space.<\/p>\n CoinMarketCap data shows that the crypto market cap reclaimed the $1 trillion mark during its over 7% rally in the last 24 hours. Bitcoin<\/a> surged<\/a> 8.87%, while Ethereum<\/a> gained 5.13%.<\/p>\n During this period, several altcoins also recorded positive price movements. According to CoinMarketCap, Solana<\/a> rose 18%, while Cardano<\/a> grew by 10%. Binance-backed BNB saw 4.36% gains. Another notable gainer within the period included Aptos, which rose by approximately 50%.<\/p>\n Meanwhile, roughly $400 million have been liquidated in the crypto market over the last 24 hours, according to Coinglass data<\/a>. Per the data, the market rally liquidated 85,000 traders, and the largest liquidation event happened on BitMex.<\/p>\n A further look at the data showed Bitcoin was responsible for $154.93 million of the liquidations, while Ethereum accounted for $105.8 million. Altcoins like XRP, Solana, XRP, etc., cumulatively made up the balance.<\/p>\n![\"Ripple](\"https:\/\/s32659.pcdn.co\/wp-content\/uploads\/2023\/01\/XRP_1D_graph_coinmarketcap-1-850x366.png.webp\")
Ripple CTO Says XRP is a \u201cCommodity\u201d<\/h2>\n
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Altcoins on Green Rampage, $400 Million Liquidated<\/h2>\n
![\"Crypto](\"https:\/\/s32659.pcdn.co\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-173652-850x326.jpg.webp\")