In brief
- XRP has jumped above BNB, becoming the fourth-largest crypto asset by market cap.
- The Ripple-linked token hit $1.60 late Monday, its highest price in a month.
- The payments firm is expanding its services in Brazil, announcing it will apply for a Virtual Asset Service Provider (VASP) license in the country, as well.
Ripple-linked coin XRP jumped Binance’s BNB to become the fourth-largest cryptocurrency by market cap amid news the financial services firm is expanding its payments offerings in Brazil and plans to seek a local license.
XRP is even in the last 24 hours and up 8.5% in the last week, recently changing hands at $1.51. Late Monday, the coin hit a price of $1.60—its highest trading price in the last month.
On the other hand, BNB is down 1.1% over the last 24 hours to a recent price of $668, and has only gained around 2.7% in the last week of trading, allowing XRP to leapfrog it in terms of market cap.
XRP’s gains have been accompanied by a rise in open interest as well, which has jumped $2.82 billion according to data from CoinGlass, a 33% jump in the last two weeks. When open interest rises, it can signal new capital entering derivatives markets and increased conviction among traders.
Meanwhile, Ripple, the payments services firm with connections to the token, is strengthening its commitment to new markets with the expansion of Ripple Custody in Brazil.
“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,” said Ripple President Monica Long, in a statement.
“Now, with our expanded platform, we can meet institutions across the region with everything they need to compete in the modern financial system,” she added.
The firm has a longstanding history with the South American nation, where it has been incrementally increasing its service offerings over the years. Now the firm’s solutions power financial services for Banco Genial and Braza Bank, among others, handling same-day USD-disbursements, cross-border payments, and stablecoin settlements with RLUSD, its dollar-backed stablecoin.
As part of its push, Ripple will apply for a Virtual Asset Service Provider (VASP) license via the Central Bank of Brazil—an institution it spoke to about “institutional matters” as early as 2020.
In 2024, Ripple launched its payments service in the country via the Brazilian crypto exchange Mercado Bitcoin. And now institutions in Brazil will have access to Ripple Prime and Ripple Treasury, the firm’s prime brokerage and treasury management platforms intended to give companies in the region a “complete, modern financial stack built for the digital economy.
The firm, which CEO Brad Garlinghouse said in February sees XRP as its “north star,” recently kicked off a share buyback program that valued the company around $50 billion. Garlinghouse believes the firm has a shot of reaching a valuation of $1 trillion, he recently told supporters during a livestream.
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