On July 23, XRP experienced a significant decline, dropping 9.4% in 24 hours to $3.20, following a recent peak of $3.66. BNB was an exception among the top 20 digital assets, gaining 0.2% and reaching a new all-time high of around $808 at one point.

XRP’s Market Cap Contracts Sharply

Almost a week after setting a new milestone of $3.66, XRP plunged 9.4% in just 24 hours to $3.20 on July 23. This marked a spectacular drop for a digital asset that had appeared to consolidate above $3.40 since hitting a new all-time high on July 18. The plunge saw XRP’s market capitalization dip below $200 billion for the first time in more than four days.

Despite its recent ascent to lead the altcoin rally, XRP’s market capitalization witnessed a sharp contraction, plummeting to just over $191 billion by 12:40 p.m. EST. This figure, while still a comfortable $30 billion above the stablecoin giant USDT, marked a significant retraction for a digital asset that had recently commanded over $200 billion. The swift decline in XRP’s valuation stood in stark contrast to bitcoin ( BTC), which experienced a comparatively modest 1.2% dip, and outpaced the movements of most other top 20 digital assets, signaling a particularly acute sell-off in the XRP ecosystem.

For instance, at the time of writing, Ethereum ( ETH), which surged to $3,844 on July 21, was down 3.3% in 24 hours, while Solana ( SOL) was 7% lower. Dogecoin (DOGE), which had rallied along with XRP, shed 8.7% of its value, while Cardano ( ADA) was 8.4% lower. Only Stellar ( XLM) and Hedera (HBAR) had losses matching or exceeding those of XRP.

BNB Stands Out With New All-Time High

Meanwhile, BNB was the only outlier among the top 20 digital assets, showing a marginal gain of 0.2%. Data indicates BNB was at one point trading around $808, a new all-time high, briefly pushing its market capitalization past $112 billion. According to a Binance Research report, this milestone makes BNB the only major cryptocurrency, aside from BTC, among the top 100 by market capitalization with a history of over two years to achieve a new high this month. The report added:

“The powerful, five-week rally underscores a market consensus that increasingly views BNB as more of a blue-chip asset, second only to Bitcoin in the current bull cycle.”

However, at the time of writing, BNB was trading around $770, translating to a market capitalization of just over $107 billion.