Is Ripple’s XRP Eyeing Top 3 Spot After Overtaking BUSD In Market Capitalization?
In an interesting development, data obtained from crypto market tracker CoinMarketCap, shows that the XRP token from Ripple has surpassed that of Binance’s BUSD stablecoin; to clinch the sixth spot in terms of market capitalization among 22,000 odd cryptocurrencies.
Ripple’s XRP Vs. Binance’s BUSD
While Ripple has lately been in the headlines for its ongoing legal battle with the Securities & Exchange Commission (SEC), massive whale activity has also been observed for the particular altcoin. On December 23, there was a record high in the number of XRP whales and shark addresses that held between 1,000,000 to 10,000,000 tokens. Earlier, crypto analysis platform Santiment, reported that the total had reached an astounding 1,617 unique addresses.
Read More: Can Cardano (ADA) Price Blast Past $3 In The Upcoming 2023 Bull Run?
On the contrary, the BUSD exchange rate has hardly budged from its steady one-dollar per unit valuation, over the course of the previous week. Earlier last month, several reputed media outlets reported that the top crypto exchange Binance had dabbled in money-laundering activities and its reserves comprised majorly of their BUSD coins.
XRP At #3 In 2023?
Currently, in third place, is another stablecoin project USDT with a market capitalization of $66 billion. For, XRP to clinch the third spot, the cryptocurrency needs to multiply four times its current market value; in order to topple the stablecoin king. Although uncertainties cannot be ruled out in crypto, it’s to be noted that XRP’s price momentum significantly depends on the ongoing SEC lawsuit whose verdict is yet to come out.
At the time of writing, the current market capitalizations of XRP and BUSD are around $18 billion and $17.3 billion respectively. XRP leads by barely a slim margin of $700 million as it trades at $0.358, with a 3.5% gain in the last seven days according to recent data.
Also Read: Will Ripple’s XRP Price Pump To $1 In The Massive 2023 Rally?
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
