XRP Surpasses BNB as Market Improves

As the cryptocurrency market sees a resurgence, XRP has overtaken Binance Coin (BNB) in market capitalization, reaching fourth place behind USDT, ETH, and BTC. This achievement comes on the heels of a rise in active wallets and positive regulatory developments.

Key Takeaways

XRP has surpassed BNB, holding a market capitalization of approximately $92 billion, with a narrow margin of $1 billion above BNB.
Significant regulatory wins, including a court victory against the SEC and the introduction of XRP-based exchange-traded funds (ETFs), have bolstered XRP's position.
XRP has reached over 7.7 million holders, marking a milestone in its 13-year history, alongside a surge in active wallets.
Despite these gains, XRP has seen recent withdrawals in investment products, attributed to geopolitical instability and profit-taking by institutional investors.

XRP Surpasses BNB as Market Improves

Main Content

The cryptocurrency market has recently bounced back into positive territory, primarily driven by Bitcoin's uplift, allowing XRP to surpass Binance Coin (BNB) in terms of market capitalization. As a result, XRP now claims the fourth position, trailing only USDT, ETH, and BTC.

This flip in ranking occurred as XRP achieved a noteworthy milestone regarding the number of active wallets. Currently, XRP boasts a market capitalization value of $92 billion, although the lead over BNB is a slim $1 billion. XRP's ascension has put it ahead of several other cryptocurrencies, including SOL, USDC, DOGE, TRON, and HYPE.

XRP flips BNB. Source: CoinMarketCap

The community attributes XRP's recent success, surpassing BNB, to favorable regulatory developments. Notable among these is Ripple's court victory against the SEC and the launch of XRP-based exchange-traded funds (ETFs). Furthermore, according to Santiment, an on-chain data aggregator, XRP has crossed the remarkable threshold of 7.7 million holders for the first time in its 13-year history, reflecting a growing adoption of the XRP ledger.

Additionally, the recent week saw a peak of 46,767 active wallets on Monday, coinciding with a 14% price surge over just two days, as XRP managed to break through the $1.60 resistance level.

👫 XRP Ledger now has over 7.7M holders (non-empty wallets) for the first time in its 13+ year history, as its usage continues to grow.

📈 Additionally, Monday closed with a 5-week high of 46,767 active addresses as $XRP's price jumped +14% in a 48-hour span, breaching $1.60. pic.twitter.com/SKTO5L4W6o
— Santiment (@santimentfeed)

At the time of this writing, XRP is trading at $1.51 per coin, marking a decline of 5.7% overnight. Data from CoinShares indicates that XRP-based investment products witnessed substantial withdrawals in the past week, totaling $76.1 million. This brings the total outflows for the month to $133 million. In contrast, institutional investments in BTC and ETH products were significantly higher, with inflows of $794.3 million and $315.3 million respectively in the past week.

Several factors may be influencing these outflows, specifically the current instability in the geopolitical climate of the Middle East. Many institutional investors are retreating to safer assets, such as gold, oil, and Bitcoin, withdrawing capital from XRP. Additionally, profit-taking following XRP's recent price increases and a broader crypto rally may also play a role. Nonetheless, these outflows occur amid a significant increase in XRP's price and a growing number of holders, suggesting a strong backing from private investors, even as institutional support appears to be waning temporarily.