XRP price regained the title of the 6th most valuable crypto just 4 days after losing it to Solana
Last week, as AZCoin News reported, Solana (SOL) hit a $60 billion market cap and became the world’s sixth-largest digital asset, surpassing XRP. However, SOL has dropped more than 20% in the past three days as its market capitalization dipped below $47 billion. On the other hand, XRP remained stable during the mentioned period, and its price remained above $1.05. At the time of writing, the XRP price is changing hands at $1.03, also recorded a 15% drop in the past seven days.
XRP/USD 4-hour chart | Source: TradingView
XRP price beats market cap of Solana, regains 6th spot
XRP regained the world’s 6th most valuable cryptocurrency just four days after losing it to Solana (SOL). According to Coinmarketcap, XRP’s market cap jumped above $50 billion yesterday. But now, this figure is hovering around $48 billion.
Last week, SOL touched the market cap of $60 billion and became the world’s 6th largest CoinMarketCap. However, SOL crashed by more than 20% in the last three days as its market cap dropped below $44 billion. On the other hand, XRP remained stable during the mentioned period, and its price stayed above $1.
The overall address activity of XRP increased sharply last week near the price level of $1.1. According to Santiment, the number of unique XRP addresses spiked substantially during the previous few days amid a surge in demand from retail investors.
On 7 September 2021, the total market capitalization of XRP crossed $70 billion for the first time since May 2021. However, the latest crypto market correction caused a sharp drop in its price as the crypto dipped by more than 15% in the last five days. In terms of market cap, XRP is more valuable than Solana (SOL), Polkadot (DOT), Dogecoin (DOGE), Chainlink (LINK), and Uniswap (UNI).
According to Whale Alert, a crypto whale address moved 20 million XRP worth above $22 million from an unknown digital wallet to Bitso exchange.
Source: Whale Alert
Yesterday, as AZCoin News reported, even though XRP’s status is under SEC’s scrutiny in the United States, the asset was embraced by Ripple Labs’ major partner, the SBI Group located in Japan. Due to this crucial partnership, XRP has not yet been dismissed as a digital asset in the country. This was visible as many exchanges that had earlier delisted XRP have been relisting it.
It looks like Japan is poised to becoming a crypto-friendly nation, with the banking giant spreading its wings with a variety of crypto assets and products.
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