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Top Cryptocurrencies: XRP Edges Closer to Knocking BNB off the Number 3 Spot

Published October 31, 2023 3:42 PM
James Morales
Published October 31, 2023 3:42 PM

Key Takeaways

  • At the beginning of the year, BNB’s market cap was more than double XRP’s.
  • But after the latest market rally, less than $3B separates the two.
  • If XRP climbs another 5 cents per token, it would overtake BNB’s current market capitalization.

With a combined market capitalization of over $885B, Bitcoin and Ether’s position as the world’s most popular cryptocurrencies is undisputed. But there are no such certainties in the battle for third place.

Excluding stablecoins, BNB has held the bronze position almost continuously since making it onto the podium in 2021. But after the latest crypto market rally, XRP could soon close the gap.

XRP Closing In On BNB’s Market Cap 

At the beginning of 2023, BNB’s market cap was more than double XRP’s and miles ahead of other rival altcoins. 

However, after XRP surged by more than 60% in July following news of Ripple’s legal victory against the SEC, the token briefly claimed the number 3 spot. 

With Ripple’s victory all but finalized, XRP is once again snapping at BNB’s heels, having pumped 25% since October 19. In the same period, BNB has made only modest gains of around 8%, with less than $3B now separating the third and fourth most valuable cryptocurrencies. 

In fact, BNB is one of just a handful of top cryptocurrencies whose price has yet to recover from the November 2022 market crash. At the time of writing, the BNB was still trading around 10% below its precrash value.

Now, with XRP climbing above $0.6 for the first time since August on Tuesday, October 31, another 5 cents increase would boost its market cap to $34.8B, enough to overtake BNB’s current capitalization.

The Power Of Good Publicity: Ripple vs. Binance

If XRP’s 2023 gains have been largely fueled by good news regarding its issuing company, Ripple , the opposite observation could be made about BNB, which was created by Binance.

Facing intense regulatory scrutiny around the globe, Binance’s dominance as the world’s largest crypto exchange is increasingly under threat, and the firm has even lost access to important markets like the UK.

For BNB, every negative Binance headline is a potential trigger for a selloff, as happened in August when BNB tanked on the news that Binance was suspending euro withdrawals and deposits.

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