The supremacy battle between Solana (SOL) and Ripple (XRP) is still ongoing. Last week, the former surpassed the latter after hitting $60 billion in market cap. But after shedding more than 20% in the past few days, it has allowed XRP to overtake. XRP has been stable in the past week, with only a slight drop during the period.
Now, the token’s market capitalization has reached $50 billion, supposing SOL’s current market cap of $44 billion and making it the 6th largest cryptocurrency in the world.
The movement of XRP tokens from crypto addresses has increased significantly as the token’s price gets close to $1.1.
Data aggregator Santiment reported that the numbers of unique XRP unique addresses are massively in the past few days as the token witnessed an increased demand from retail investors.
XRP Keeps Gaining Momentum
While XRP’s market cap crossed $70 billion last week, the general correction in the market resulted in a sharp drop in price. But the market is gradually rebounding and XRP is one of the frontrunners in the market when it comes to price movement.
At the time of writing, XRP is now more valuable than Uniswap (UNI), Chainlink (LINK), Dogecoin (DOGE), Polkadot (DOT), and Solana (SOL).
According to Whale Alert, a crypto whale address moved about 20 million XRP (worth about $22 million), to Bitso exchange from an unknown digital wallet. The crypto fund was allegedly moved on September 12. With the increased market capitalization, XRP is now accounting for 2% of the entire market cap.
XRP Gradually Bouncing Back
Overall, the market cap for all crypto assets stands at $2 trillion, which is down by $200 billion within the past week. Presently, XRP is chasing the 5th position in the market, currently held by Binance Coin (BNB), which has a market dominance of 2.5% and a market cap of more than $67 billion.
Earlier this year, the price of XRP suffered a big hit after the US Securities and Exchange Commission (SEC) entered into a regulatory tussle with Ripple. It sent the price of XRP crashing massively as top crypto exchanges started delisting the token from their platform. But the crypto asset has bounced back, remaining strong to compete with other top performers this year.