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XRP Briefly Tops BNB by Market Cap

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Fri, 8/12/2023 - 20:14
XRP Briefly Tops BNB by Market Cap
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XRP, the controversial digital token associated with Ripple, briefly surpassed Binance Coin (BNB) in market capitalization earlier today. 

As of recent data, XRP's market cap reached approximately $36.09 billion, narrowly lagging behind BNB's $36.13 billion. 

XRP's unique status 

Despite being often overshadowed by giants like Bitcoin (BTC) and Ethereum (ETH), XRP has demonstrated resilience and adaptability.

XRP is now likely to eventually reclaim its fourth spot on CoinMarketCap since the token has been buoyed by regulatory clarity. 

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Key Reason Why Former Binance CEO CZ Can't Leave US

As reported by U.Today, Ripple's top lawyer Stuart Alderoty recently stressed XRP's distinct status in the U.S., which stems from its classification as a non-security following a court ruling. 

This legal distinction sets XRP apart from the vast majority of other digital tokens and could be a driving factor in its market performance. 

Binance's troubles   

Meanwhile, Binance, the crypto giant behind the BNB token, is facing its own regulatory hurdles, which have affected BNB's market standing and paved the way for competitors of the likes of XRP.

Following Changpeng Zhao's resignation due to charges from the U.S. Department of Justice, many questioned BNB's ability to retain one of the top spots. However, CZ recently stressed that BNB doesn't need a CEO, alluding to its alleged decentralization.      

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