Well Deserved? BNB Flips XRP to Become Third Largest Crypto

BNB, the native coin for the layer-1 BNB Chain, has just flipped Ripple’s XRP to become the third-largest cryptocurrency by market capitalization ranking.

According to on-chain data from CoinMarketCap, BNB has a market cap of over $180 billion at the time of writing. Conversely, XRP holds a market valuation of $178 billion.

BNB on Fire!

After surpassing the $1,200 price mark yesterday, BNB attained a new all-time high (ATH) of $1,297 a few minutes ago. This price growth represented a 6.14% increase in the past 24 hours. This price surge was reflected in its market cap, taking it to the third-largest position.

Several factors have contributed to BNB’s current price surge. One is the broader crypto bullish trends, which have benefited various cryptocurrencies. Another is the strategic adoption of the coin among institutions like Nano Labs and countries like Kazakhstan.

Additionally, BNB has played a key role in some of Binance’s most-used services. For instance, users must hold BNB to partake in the Binance HODLer Airdrop program and the Binance Alpha. For several months, these services have garnered much attention in the crypto industry, as they offer investors a way to gain access to early-stage projects for free or at low amounts.

Due to these factors, BNB’s price and market cap pump is not entirely surprising.

XRP Dethroned

Last year, XRP gradually climbed from being around the 10th largest crypto by market cap to the 3rd. In November 2024, XRP flipped BNB to become the fifth-largest crypto at the time.

XRP’s surge was largely attributed to the legal settlement between Ripple and the United States Securities and Exchange Commission (SEC). Many in the industry, including Ripple’s CEO Brad Garlinghouse, believed that the digital asset would soar to become the third largest after Ethereum.

For many months, XRP has held the third-largest position on the crypto market cap ranking. Currently, BNB leads XRP by approximately $2 billion. Hence, a significant gap is required if BNB is to maintain its market cap rank for a longer period.

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