- At press time, XRP was $1 billion away from flipping BNB in terms of market cap.
- CZ stepping down as CEO and the SEC drama gave XRP the foundation needed to close in on BNB.
- Over the past 24 hours, BNB’s price was able to climb by 0.83%, while XRP’s price experienced a 0.54% loss.
Ripple (XRP) has faced a very tough year in its battle with the U.S. Securities and Exchange Commission (SEC). However, the remittance token is on the cusp of flipping Binance Coin (BNB) in terms of market capitalization. This is after the altcoin recorded remarkable growth after registering a series of victories in its legal battle against the regulator.
After the Ripple vs SEC lawsuit came to an end in July, XRP’s value surged, but the altcoin experienced a correction in the weeks that followed. However, XRP was able to retain some of its gains over the past few weeks.
On the other hand, the Binance exchange has gone through a series of nightmares throughout the past few months. Binance’s CEO Changpeng Zhao (CZ) stepped down from his leadership role, and the exchange ended up having to pay a massive $4.3 billion settlement to the SEC.
It came as no surprise then that the value of the Binance utility token, BNB, took a dive following these events. Consequently, XRP is now on the verge of securing a position as the fourth largest cryptocurrency by market cap, pushing down BNB to the fifth spot. At press time, XRP was just $1 billion away from reaching this historical milestone.
With regards to their 24 hour performances, BNB was able to outperform XRP. At press time, BNB was worth about $235.56 after its price was able to climb by 0.83% over the past 24 hours. Meanwhile, CoinMarketCap indicated that XRP saw its price drop by 0.54% since yesterday, causing its trading value to drop to $0.6472.
However, when taking a look at both altcoins’ longer-term time frames, XRP was still one step ahead. XRP’s price was able to climb by more than 5% over the past week, dwarfing BNB’s 2+% increase during the same time period.
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