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.
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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?
Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.