A notable development has occurred in the cryptocurrency market. XRP has surpassed Binance’s native token BNB by market capitalization, becoming the fourth-largest cryptocurrency.
At the time of writing, XRP’s market capitalization is around $93 billion, while BNB’s market capitalization is approximately $91 billion.
This surge comes particularly after Ripple’s recent steps to expand its global payment network.
Ripple has announced plans to apply for a payment license in Brazil to strengthen its presence in Latin America. The company also aims to obtain a Financial Services License in Australia. These steps are said to enable the establishment of an end-to-end payment platform in the region.
The company’s operations in Brazil are not new. Ripple has been gradually expanding its services in the country for years. Currently serving financial institutions such as Banco Genial and Braza Bank, the company handles same-day USD payments, cross-border transfers, and settlement transactions with its dollar-backed stablecoin, RLUSD.
The rise in XRP wasn’t limited to the spot price alone. According to CoinGlass data, open interest in XRP futures increased by 33% in the last two weeks, reaching $2.82 billion.
*This is not investment advice.
