XRP flips BNB 🔄

XRP surged Tuesday morning to overtake BNB's market capitalization, on the news that payments firm Ripple is expanding its services in Brazil.

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📝 What you need to know

XRP leapfrogged BNB in market capitalization Tuesday, surging to become the fourth-largest crypto asset by market cap and hitting its highest price in a month.

The news came as XRP-linked payments firm Ripple announced that it was expanding its Ripple Custody services in Brazil, alongside plans to seek a local VASP license. The move builds on Ripple’s incremental steps in Latin America, which the firm’s President Monica Long described as a “priority market” for Ripple.

Earlier this month, Ripple reportedly launched a buyback of up to $750 million in shares from employees and investors at a $50 billion valuation, in a bid to create a path towards CEO Brad Garlinghouse’s ambitious goal of creating a trillion-dollar company.

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