XRP Market Cap Nears 6 Percent of Bitcoin Value
XRP (XRP)
Editor:
Eugene Serbin
Digitaltoday.co.kr reports that XRP’s market capitalisation has approached approximately 6 percent of bitcoin’s market value. On September 30, asset manager Grayscale Investments presented data showing this ratio, which was calculated using 30-day averages from Artemis, FTSE Russell, and Grayscale. As of September 28, bitcoin’s market cap stood at about $1.678 trillion, while XRP’s was $94.08 billion, placing XRP at 5.6 percent of bitcoin’s value.
Grayscale classified bitcoin as a core asset and listed XRP, bitcoin cash (BCH), litecoin (LTC), and zcash (ZEC) as candidates for supplementary inclusion. The outlet noted that XRP maintains the highest market-cap share among non-bitcoin assets, significantly outpacing Zcash, which recently exceeded 1 percent, and monero (XMR), which stayed between 0.5 percent and 0.7 percent. Historically, this ratio was much higher during the 2017 to 2018 cycle, when XRP topped 20 percent of bitcoin’s value on a 30-day average basis.
Between 2020 and 2024, the ratio generally moved in a 2 percent to 7 percent range before rising to the high single digits in late 2024 and 2025. The current 5 percent to 6 percent ratio remains far below those prior highs. Grayscale described XRP as an asset designed for cost-efficient global payments.
The report emphasized that this indicator focuses on relative value against bitcoin rather than XRP’s price itself. A rising ratio can result from XRP climbing faster than bitcoin or bitcoin falling more sharply than XRP. Even if XRP rises, the ratio may not change much if bitcoin’s market cap grows at a similar pace.
As of September 28, XRP’s trading price was $1.4963 with a circulating supply of about 62.88 billion tokens. Ultimately, a higher ratio signals that XRP is outperforming bitcoin on a relative-value basis, though price direction cannot be concluded from the ratio alone.
How the market reacted
Whalio's own Binance spot order flow for XRP, measured when this story was written up on 1 October 2026. Not the outlet's figures.
XRP is trading at $1.49, with a 1-hour buy ratio of 50.3% and a 4-hour buy ratio of 51.6%, indicating a slight edge for buyers in the short term. However, the 24-hour buy ratio has dipped to 47.9%, suggesting that buying pressure is fading over the full day. Volume delta reflects this shift, showing positive inflows of +$63,008 in the last hour and +$921,045 over four hours, but a net outflow of -$9,517,118 over 24 hours. The cumulative volume delta (CVD) closed at -$1,208,815, confirming that sellers dominated the daily flow despite the recent hourly uptick. Buy ratio measures the proportion of buy orders relative to total orders, while volume delta tracks the net value of buying versus selling pressure. These metrics show that while immediate sentiment is slightly bullish, the broader 24-hour trend remains bearish.
The latest daily buy ratio of 50.6% sits at the 83rd percentile of the last 322 days, against a median of 48.5% - stronger buying than most days.
Was that an ordinary day?
The same Binance spot measurements for XRP, averaged over the days leading up to the story.
Over the preceding week, the 7-day average buy ratio was 48.7%, meaning the current 24-hour ratio of 47.9% is 0.8 percentage points below the weekly average. This indicates that today is an ordinary day for the coin, with buying activity remaining consistent with recent trends. Volume for the 24-hour period was $227,000,051, which is 0.70 times the weekly average, showing significantly lower trading activity than usual. The coin saw net buying on only 3 of the past 7 days, further highlighting a lack of sustained momentum. Price change over the 8-day period was -0.7%, with a total volume delta of -$31,854,336, reinforcing the subdued market conditions.