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XRP has quietly edged out Binance Coin (BNB) from fourth place in the crypto asset ranking by market capitalization. In the last 24 hours, the broader cryptocurrency market has witnessed a loss of $300 million as it recorded a 2.98% decline within the period.
XRP surpasses BNB despite price decline
Despite XRP suffering a more than 4% decline within the same time frame, the coin climbed ahead of BNB. Notably, XRP’s market capitalization currently stands at $82.79 billion, which is more than $2.3 billion above Binance Coin.
In comparison, Binance Coin’s market capitalization is $80.35 billion. XRP’s silent dethronement amid broader crypto market volatility speaks to the asset’s resilience in the sector. It suggests that the cross-border payment asset continues to gain traction among users despite its recent price challenges.
In the last 30 days, the XRP price has lost over 33.3% of its value, breaching several critical support levels. XRP’s decline had triggered concerns among investors, who had anticipated that the coin was primed for a rally.
Many market participants and investors alike were betting on XRP to ascend in price following the end of Ripple’s legal battle with the U.S. regulatory authority. However, that break appears stalled because of broader market fluctuations that have affected even Bitcoin.
As of press time, XRP was exchanging hands at $1.36, which represents a 4.02% decline in the last 24 hours.
The coin had been on the verge of reclaiming the $1.50 resistance level before it slipped from its intraday peak of $1.43 to current levels.
XRP’s trading volume has also suffered a drop of 16.94% to $2.66 billion as the broader market saw a sell-off as capital moved out of altcoins. This impacted XRP and BNB, with Binance Coin experiencing a deeper decline as its price lost 6.28% to settle at $588.20 from the $630 it had traded at earlier.
Institutional interest adds new dimension
XRP’s resilience, which led to the dethronement of Binance Coin, might be one of the reasons the asset is gaining institutional interest.
Goldman Sachs has revealed that it holds about $152 million in an XRP exchange-traded fund (ETF). This comes as the banking giant embraces utility-driven crypto infrastructure.
This suggests confidence in XRP, as reports indicate that part of the funding for the investment in XRP is from capital rotation out of Bitcoin.
The development, which comes at a time when the validation of XRP over Bitcoin resurfaced after 13 years, has sparked speculation.
Pro-XRP investors claim that the asset was deliberately suppressed so that Bitcoin could dominate. Whether the growing institutional interest might signal its ascendancy remains a fact that time will reveal.
Dan Burgin
U.Today Editorial Team