Key takeaway

• Ripple’s XRP is down 4.6% in the last 24 hours and is now trading below $2.9.
• It has lost its position in the market to BNB, with Binance’s native token now the third-largest crypto by market cap.

XRP dips below $2.9 as BNB overtakes it on the CMC list

XRP, the native coin of the Ripple ecosystem, has been underwhelming in recent days. It has been outperformed by BTC, ETH, BNB, and SOL over the past few days. The poor performance has seen it fail to overcome the $3.0 resistance level.

At press time, XRP is down 4.6% in the last 24 hours and is currently trading at $2.84 per coin. With a market cap of $170 billion, XRP has given up its position in the market to Binance’s BNB token. 

BNB has been rallying in recent weeks, hitting an all-time high of $1,336 on Tuesday. This allowed BNB to overtake XRP and Tether’s USDT to become the third-largest cryptocurrency by market cap, only behind Ether and Bitcoin. 

XRP could bounce back soon, with analysts expecting the coin to rally towards the $5 psychological mark before the end of the year.

XRP risks a decline to $2.71 if the bearish trend continues

The XRP/USD 4-hour chart remains bullish and efficient despite XRP’s recent poor performance. The coin experienced $22.3 million in futures liquidations over the past 24 hours, with long traders recording the biggest loss. 

The dip to $2.84 comes after XRP saw a rejection at the descending trendline resistance, which extends from July 21. The coin has now plunged below the convergence of the 50-day and 100-day Simple Moving Average (SMA).

If the bearish trend continues, XRP could dip towards the $2.71 support over the next few hours. The Relative Strength Index (RSI) of 44 means that sellers are currently in control, with the MACD lines also dropping into the negative territory. 

However, if the bulls recover and push XRP towards the $3.1 resistance level, they would need the support of the broader crypto market to target the August high of $3.38. Hitting that level could allow XRP to surpass its 2025 high of $3.66 in the medium term.

Bhutan is a Buddhist country that is perched on the eastern edge of the Himalayas, and this country has been found to be a substantial holder of Bitcoin-it holds 13,011 BTC valued at about $780.49 million.

This follows from Arkham Intelligence, and it marks the first time identification of Bhutan’s Bitcoin addresses, really illustrating how deep into the cryptocurrency space the country is involved.

Tiny Himalayan Kingdom Bhutan Holds Massive $780M in Bitcoin

According to Arkham, Bhutan counts as the fourth-largest government-holding Bitcoin with over $750 million in BTC. Unlike a number of governments around the world, Bhutan’s Bitcoin supply is not derived from law enforcement seizures, but rather through its rapidly expanding Bitcoin mining operations, which have increased substantially since early 2023. Bhutan’s Bitcoin mining operations are overseen by its investment arm Druk Holdings.

Mining activities reportedly have begun at several locations, including the most extensive one on the grounds of the defunct Education City project site. The same timeline of mining activities was able to be cross-verified with on-chain data by Arkham Intelligence, while satellite images documented the development of mining infrastructure.

Bitdeer teamed up with Druk Holding & Investments in May 2023 to create Bhutan’s first 100% carbon-neutral Bitcoin mining operation. This year, Bloomberg outlined the plans by the tandem to raise this mining capacity from 100 to 600 megawatts. In the field of green mining, Bhutan is active, supported by rich hydropower, which cements its status as a destination for clean crypto mining.

Beyond El Salvador: The Unexpected Nations Hoarding Bitcoin

Some of the countries that have become prominent Bitcoin holders around the world include their governments seizing and acquiring large portions of the cryptocurrency through various law enforcement efforts and strategic initiatives. First on the list is the United States of America, with a total of 207,189 BTC worth over $13.4 billion. This stash has been made mainly through seizures in criminal cases since 2020 and reflects the strong legal framework of the country in dealing with illegal digital assets.

In the second position comes China, with around 190,000 BTC worth about $12.6 billion, obtained through the confiscation of funds from the PlusToken Ponzi scheme. This large seizure underlines the capability of China in recovering the assets from fraudulent schemes.

The United Kingdom holds over 1.3 million BTC, with an estimation of 61,000 BTC still in their hands, worth approximately $3.9 billion. This large chunk of crypto is a pretty good indicator of the UK’s strength in tracking down and confiscating illicit cryptocurrency assets.

Ukraine has 46,351 BTC and has used crypto seizures as a tool in its broader fight against corruption, seizing assets such as $1.5 million worth of crypto from former officials. Although El Salvador, being far smaller as a holder than the two countries above, has made headlines by adopting Bitcoin as legal tender, is currently holding 5,748 BTC whose holdings have grown to $397 million thanks to favorable market conditions.

Bhutan: The Unexpected Bitcoin Mining Powerhouse

Surprisingly, in this regard, Bhutan comes out as the fourth-largest government holder of Bitcoin. Druk Holdings, the investment arm for Bhutan, maintains the wallets holding 13,011 BTC, primarily accrued through mining Bitcoin with an eco-friendly touch due to abundant hydropower resources.

Targeting strategic foci on sustainable mining makes this small Himalayan nation one of the leading names in the global Bitcoin market. It is these countries that have been continuously accumulating their Bitcoin reserves, hence their holdings, which now signal a rising presence of cryptocurrency in global financial systems.

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Teuta

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.