Ripple Dominance Declines Amid Market Share Loss and SEC Lawsuit

According to CryptoPotato, Ripple's dominance in the cryptocurrency market has been decreasing this year, with its market share down 3.63% for the week, 18.83% over the past month, and 10.63% over the past six months. In comparison, Bitcoin's dominance has grown by 28.65% over the past year, 6.85% over the past six months, and 1.6% over the past month. Ethereum's dominance has also fallen over the one-month to one-year views, but not as much as XRP's dominance. One of the potential causes for Ripple's receding market share is the ongoing SEC lawsuit against the company. Over the past month, XRP's dominance has declined drastically as its price consolidated while Bitcoin and Ethereum's prices rallied. The SEC lawsuit, which has been ongoing since December 2020, has created regulatory uncertainty and has been a headwind for XRP tokens for three years. Despite the decline in market share, Ripple Labs has achieved a series of big wins against the SEC in court, which were reflected in the XRP price. Developments in the SEC lawsuit over the next four months will likely be key factors in Ripple's price movements and market share.