- XRP replaces BNB as fourth place crypto
- XRP ETFs face massive outflows
As the crypto market has rebounded into the green zone, following Bitcoin’s recent rise, XRP has surpassed Binance Coin (BNB) in terms of market capitalization value. Now, the Ripple-affiliated crypto sits in fourth place, with only USDT, ETH and BTC ahead of it.
This flip took place as XRP reached a significant new milestone relating to the number of active wallets.
XRP has flipped Binance Coin, now sitting ahead of it with a market capitalization value of $92 billion. However, the difference with BNB is just around $1 billion in total. Still, XRP has gotten ahead of BNB, SOL, USDC, DOGE, TRON and HYPE.
The community believes that XRP has prevailed over BNB thanks to the recent regulatory tailwinds, including the win in court against the SEC and the launch of XRP-based exchange-traded funds (ETFs).
Besides, as reported by on-chain data aggregator Santiment, XRP has reached an important milestone. For the first time in its 13-year history, it has surpassed 7.7 million holders (nonempty wallets, plus the use of the XRP ledger keeps growing, the report says.
Besides, Monday marked a five-week high of 46,767 active wallets as XRP surged 14% within two days and broke through the $1.60 resistance.
However, at the time of writing, XRP is changing hands at $1.51 per coin. The decline overnight has constituted 5.7%.
According to data provided by CoinShares, XRP-based investment products have been hit with enormous withdrawals over the past week, minus $76.1 million. Since the start of the month, the outflows have comprised $133 million. As for BTC and ETH products, over the past week, institutional investors have put in $794.3 and $315.3 million, respectively.
Among the likely reasons lying behind these outflows is the current lack of stability in the geopolitical situation in the Middle East. Institutional investors are seeking safe havens and are pouring money into gold, oil and Bitcoin, taking it out of XRP.
Then, there is profit-taking after the recent XRP price surges and the prolonged crypto rally in general. However, these outflows are happening despite a big XRP price increase and the rise of XRP holders, which indicates that XRP Ledger and the coin are being strongly supported by private investors, while institutional ones are taking a step back at the moment.