The cryptocurrency landscape has seen a significant shift as XRP has overtaken BNB to become the fourth largest digital currency by market capitalization. As of Wednesday morning, XRP’s market cap was approximately $93 billion, slightly edging out BNB, which stood at around $92 billion.
This surge in XRP’s position comes on the heels of an announcement from Ripple, the company behind XRP, detailing its plans to expand operations in Brazil. Ripple revealed that it will be offering a comprehensive range of financial services in the country, which includes cross-border payments, digital asset custody, prime brokerage, and treasury management. Furthermore, Ripple intends to apply for a license with Brazil’s central bank, signaling its commitment to operate within regulated markets.
Monica Long, Ripple’s president, emphasized the strategic importance of Latin America, particularly Brazil, for the company. In a statement, she noted, “Latin America has always been a priority market for Ripple — not just because of the scale of the opportunity, but because Brazil has built one of the most advanced and forward-thinking financial ecosystems in the world.” Long highlighted Ripple’s decade-long efforts to establish trust, secure licensing, and develop the necessary technology for successful operations in regulated environments.
The announcement of the Brazil expansion comes shortly after Ripple executed a $750 million share buyback, which elevated its valuation to about $50 billion. This buyback serves as evidence of Ripple’s resilience and growth potential, even amidst ongoing volatility in the broader cryptocurrency sector.
Led by CEO Brad Garlinghouse, Ripple facilitates international monetary transfers for financial institutions using the XRP ledger. XRP has a storied relationship with Ripple; when it was created in 2012, the company was allocated approximately 80% of its total supply.
While XRP’s newfound prominence places it fourth among cryptocurrencies, Bitcoin and Ethereum maintain their positions at the top of the list. Currently, Bitcoin has experienced a 3% decline over the last day, trading at about $71,000, while Ethereum has dropped approximately 6%, sitting at around $2,180, according to figures from Binance.
In related news, Fortune is launching an annual list titled “Fortune Crypto 100” to honor companies making significant advancements in the digital assets sector, spanning areas from infrastructure and investment to practical applications and adoption. Organizations shaping the future of blockchain are encouraged to submit their nominations.
