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XRP price saw a major breakout today, jumping as high as 5% to $0.609 over the past 24 hours. With its current outlook, XRP is close to reclaiming its historically high ranking, from which it displaced Binance Coin (BNB) earlier in the year. With this daily growth, XRP has now trimmed down its losses over the past seven days to 2% as it seeks to tighten all loose ends in its bid to chart an ambitious path forward.
Alex DovbnyaAt the current price level, XRP’s market capitalization is pegged at $32,887,983,406, an amount lower than BNB’s $37,126,113,632, leaving a gap of approximately $4.2 billion for XRP to reclaim its lost rank.
Thus far this year, XRP has showcased the upper hand in terms of growth rate compared to BNB. While XRP is up by 74% in the year-to-date (YTD) period, Binance Coin (BNB) has slumped by 0.73% during that time. In the remaining days of this year, XRP may choose to capitalize on the frailty of BNB, per its regulatory pressures, to surpass it in the rankings.
Notably, both XRP and BNB started the year with uncertainties, and today, XRP has shed its securities concerns following a court ruling from Judge Analisa Torres.
Bullish momentum catalysts for XRP
There is a very high probability that XRP will capitalize on several metrics to chart its growth course for the rest of the year. Besides its trading volume with a 2.21% uptick to $1,316,069,795, XRP boasts of impressive whale action that can positively impact sentiment, depending on the action in the coming days.
With Ripple Labs going into the new year with a clearer sense of its regulatory obligations, avenues for business growth are open, with a positive rub-off effect on XRP. Updates to XRP Ledger and associated ecosystem protocols are also boosting sentiment across the board.
Dan Burgin
Alex Dovbnya