XRP is beginning to flip to the other side of the market after recovering from its prolonged correction that saw its price decline significantly.
Following the heightened sell pressure seen over the last week, the amount of XRP tokens available for sale on exchanges, especially Binance, has surged significantly.
Over 2.6 billion XRP now available on Binance
Per data provided by crypto analytics platform CryptoQuant, the total number of XRP tokens available for sale on the world's largest crypto exchange, Binance, has reached 2.61 billion as of Saturday, August 8.
The surge in the metric has come amid the growing slowdown in investor confidence as its price remains unstable amid the consistent market downturn.
The rapid drawdown in the price of XRP seen recently is attributed to a surge in sell pressure, as exchange activity showed that more XRP tokens were being deposited for sale on exchanges than were withdrawn over the past days.
While sentiment was extremely bearish all week, it appears that XRP may eventually close the week on a stronger note as it has briefly surged past its recent lows to around $1.04 as of the time of writing.
XRP loses top 4 position per market capitalization
Following the rapid price decline seen this week, XRP has seen its market capitalization fall massively to around $64 billion, causing it to lose its position among the top four crypto assets.
As such, BNB has taken over the spot, pushing XRP down below both stablecoins, USDT and USDC, with XRP currently sitting as the sixth largest cryptocurrency by market capitalization.
Arman Shirinyan
Dan Burgin
