XRP market cap tops $94B as open interest hits $3.56B

XRP's market cap reached about $94 billion, surpassing Belarus' $93.4 billion GDP, as derivatives open interest rose to $3.56 billion. The token traded at $1.51 as of Aug. 23, according to CoinCodex data.

Data cited by on-chain metrics provider BankXRP shows XRP's market cap at roughly $94 billion, edging past Belarus' estimated $93.4 billion 2025 GDP based on World Bank figures, according to a post on X. The valuation also moved above Intercontinental Exchange, which owns the New York Stock Exchange.

Market commentator ChartNerd reported XRP open interest surged from roughly $2.3 billion to $3.56 billion, pointing to heavier positioning in futures and perpetual contracts. Higher open interest can amplify both gains and losses, particularly when leverage builds and liquidations cascade. Large holders accumulated approximately 190 million XRP in a single day, according to on-chain tracking.

Lithuania's estimated 2025 GDP of $95.2 billion could be the next milestone. The bigger question for XRP bulls is whether the rally can hold through sustained spot-market demand rather than leverage alone.

Whale accumulation builds ahead of CLARITY Act vote

The market cap milestone follows a week of heavy whale buying. Addresses holding 1 million to 10 million XRP added roughly 380 million tokens during the week of Aug. 18, lifting aggregate holdings from about 16.05 billion to 16.36 billion XRP, according to on-chain data. At the week's average price of about $1.05, that represents roughly $400 million in additional exposure.

Whale transfers to Binance fell to their lowest level since 2021 during the same period, with the three-month average dropping to about $61 million. The pattern suggests large holders are buying and holding rather than selling into the rally.

The accumulation coincides with positioning ahead of the CLARITY Act procedural vote scheduled for September. The bill would classify digital assets like XRP as digital commodities rather than securities. If it passes, analysts project XRP could re-rate into the $1.60 to $2.20 range by Q4 2026, with Standard Chartered projecting $4 billion to $8 billion in additional XRP ETF inflows. If the vote fails, analysts point back toward the $0.80 to $1.00 range.

XRP has a total supply of 100 billion tokens, of which about 57 billion are in circulation. Ripple unlocked 1 billion XRP from escrow in August, valued at about $1.08 billion, adding to circulating supply.

This article is for informational purposes only and does not constitute investment advice.