As XRP continues to grow, its market capitalization has exceeded $36 billion, nearing that of Binance Coin (BNB), the fourth-largest cryptocurrency by market capitalization. The increase comes along with a price increase of the XRP cryptocurrency.
XRP Soon to Surpass BNB in Market Cap
According to the price tracking platform CoinStats, XRP currently holds a market cap of over $36 billion, which has positioned it as the fifth-largest cryptocurrency ranked by market cap. The crypto asset also maintains a daily trading volume of $1.6 billion.
These metrics position XRP behind BNB, which has a market cap of over $37 billion. BNB also holds a daily trading volume of $812 million. The Binance-branded crypto asset traded for $243 at the time of writing, representing over a 7% increase over the past week.
XRP’s performance reflects on its trading price. Currently, the asset trades at $0.68, representing a 10% increase over the past 24 hours. However, XRP’s current price is lower than its yearly high, which was $0.81 in July.
Source: CoinStats
Why is XRP Increasing?
XRP’s increase can be tied to several occurrences. One of them is Ripple’s recent expansion into the United Arab Emirates (UAE) by securing approval to offer XRP in Dubai. Presently, XRP and a cohort of Ripple-affiliated services are available in over 55 countries. These expansions help the company to bring its global payment system and its native cryptocurrency to more users around the world.
Following Ripple’s court success against the United States Securities and Exchange Commission (SEC) earlier this year, the rate at which investors began investing in the XRP cryptocurrency soared, taking the asset to its highest price over the year-to-date timeframe.
On November 5th, an unknown crypto whale poured a whopping $15.6 million into XRP via the crypto exchange, Bitstamp. Market intelligence platform Santiment also shared a metric showing increased interest in XRP. The platform stated that wallets holding between 100,000 and one billion XRP tokens have increased their holdings, representing the “highest level in 2023.”
