According to CoinMarketCap data, XRP recently surpassed Binance Coin (BNB) in crypto ranking based on market capitalization.
At the time of writing, XRP was valued at $109.25 billion and is doing better than BNB’s $95 billion market cap. The development brings XRP back into the top five cryptos.
XRP has seen a sharp increase, valued at $1.92 at press time. Over the last 24 hours, it experienced a 9% rise, accompanied by a weekly increase of 39%. Trading volumes for XRP remain robust, with $19.41 billion traded in the last 24 hours.
Meanwhile, BNB’s performance has been comparatively subdued. Its price slightly declined by 0.50% over the past day to $660 while recording a marginal 1.04% growth over the week.
XRP’s Technical Breakthrough and Growing Momentum
The recent price rally has been attributed to a technical milestone. Crypto Sensei, who goes by the name Robert Doyle, says the token has blown past a pivotal seven-year resistance mark. He believes this breakthrough is a sign of strong upward momentum.
Doyle emphasized that XRP’s technical performance aligns with broader market trends favoring XRP. “If you hold $XRP, you will be very rich soon!” Doyle shared in a video, highlighting his optimism regarding the token’s future trajectory.
Institutional Adoption Drives XRP’s Price Growth
The increase in XRP’s institutional adoption is most likely the driving force behind the recent rise. Prominent investment firms like Bitwise, Grayscale, and WisdomTree have expressed interest in XRP-related products. Now, several firms are considering introducing an exchange-traded fund (ETF) around a spot XRP product, making XRP more accessible to traditional investors.
Additionally, Ripple’s strong legal position has added credibility to the asset. A recent court decision in the Southern District of New York ruled against the SEC’s claim that XRP retail sales violated securities laws. Although Ripple was ordered to pay a $250 million fine related to institutional sales, the ruling has broadly strengthened XRP’s legitimacy.
Upcoming Developments for XRP
Another reason is that Ripple is launching its stablecoin, RLUSD, shortly. The New York Department of Financial Services (NYDFS) is still pending approval, and an answer is expected on Wednesday, Dec. 4.
Leadership changes at the U.S. Securities and Exchange Commission (SEC) also help XRP. This has helped boost market sentiment about regulatory policy as pro-crypto figures like Paul Atkins may take straw leader roles at the SEC. With legislative efforts to create a more crypto-friendly environment and this shift, there appears to be optimism for XRP’s growth to continue.
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