XRP Drops Down Market Cap Rankings

XRP has slipped down CoinGecko’s cryptocurrency market cap rankings.

The Ripple-linked cryptocurrency has lost its position to Binance Coin (BNB). 

According to recent market data, BNB has reclaimed the number four spot with a market capitalization of $80.5 billion. XRP has now fallen to fifth place with a market cap of $79.8 billion.

Notably, XRP is the only major cryptocurrency in the red this Saturday. Other cryptocurrencies have managed to record some minor gains. 

A seven-month slump

XRP is currently on track to record its seventh consecutive month in the red.

Since late last year, the asset has been trapped in a relentless downtrend. 

Every attempt at a macro recovery has been met with heavy selling pressure. The cryptocurrency is struggling to regain a footing near the $1.30 level. 

A seven-month losing streak is incredibly rare for a top-tier cryptocurrency, which shows just how devastating the current sell-off is. 

A failed breakout 

In mid-March, XRP bulls attempted a breakout. The sharp rally that peaked near the $1.60 level around March 16 and 17. This surge was completely unsustainable. 

Immediately after hitting that local top, the asset experienced a steep and steady sell-off. Over the next three weeks, XRP charted a textbook series of lower highs and lower lows. 

For now, sellers are firmly in control of the short-term price action despite some positive developments within the ecosystem. 

Institutional pressure

Weekly ETF net flows show that capital is leaving XRP investment vehicles. XRP ETFs recorded a net outflow of $3.6 million. For comparison, Bitcoin managed to attract a positive $22 million in inflows. “Smart money” is currently reducing its exposure to the asset.