Recently, BNB has surpassed XRP and has become the third-largest cryptocurrency by market capitalization, after Bitcoin and Ethereum. The flip marks BNB’s first time above XRP since early 2022, cementing its position as one of the top-performing large-cap assets this quarter. Its latest rally has pushed BNB’s market cap to $181.7 billion, ahead of XRP’s $171.6 billion.

BNB Chain also logged a record 58 million active addresses in September, surpassing Solana and other Layer-1s. Additionally, technical data revealed that sentiment among Binance Coin holders has risen sharply, reaching 53.4 on TradingView’s 50-period Sentiment Index. This might be indicative of growing confidence and accumulation. BNB’s daily chart seemed to display clear bullish momentum too, with rising volumes and higher highs confirming trend strength.

A combination of strong on-chain fundamentals and ecosystem tailwinds has been driving BNB’s breakout. Most notably, the explosive rise of Aster, a decentralized exchange (DEX) built on the BNB Chain. Also after Binance’s CZ tweeted that the “Binance Super Cycle has begun” which was retweeted by BNBChain and Binance US social media handle.

However, unless BNB notes a short-term correction, potentially triggered by overheated sentiment or DeFi volatility, XRP’s road back to the number three spot may prove difficult.