XRP has emerged as the third largest cryptocurrency in terms of market capitalization after the US Securities and Exchange Commission (SEC) dropped charges against Ripple on March 19.

As per Kraken's price feeds , the market cap of XRP was $144.7 billion at press time as it was trading at $2.49.

The asset has spiked 6.4% over the last 24 hours, and its 24-hour trading volume stood at $10.7 billion.

XRP beat Tether ’s stablecoin USDT, with a market cap of $143.5 billion, to become the third largest cryptocurrency. Bitcoin with a market cap of $1.6 trillion and Ethereum with a market cap of $240.3 billion still occupy the top two spots in the crypto market.

The regulator had charged Ripple with the alleged sale of unregistered securities in December 2020. While the company secured a partial victory in the court of law in July 2023, the latest announcement marked the closure of a four-year long legal battle.

While speaking to Bloomberg on March 20, Ripple CEO Brad Garlinghouse said that he expects the launch of an XRP exchange-traded fund (ETF) and XRP’s inclusion in the US crypto stockpile by the end of the year now that the case has been resolved.

Garlinghouse added that a Ripple initial public offering (IPO), though not a huge priority, is also possible.

So far, nine companies, including Bitwise, ProShares, and 21Shares, have filed with the SEC to launch XRP ETFs in the US.

It is expected that the US crypto stockpile, as per President Donald Trump's executive order, will include XRP.