In the past few days, the朋友圈 has been flooded with a phenomenon—XRP has regained its position on the market cap leaderboard. From technical analysis to capital flow, there are many details behind this rally worth pondering.

**Three Key Signals Behind the Market Cap Surpass**

First, let's look at the price performance. XRP recently broke through $2.06, with a total market cap reaching $125.6 billion, surpassing BNB's $121.9 billion, ranking in the top four by market cap (excluding stablecoins, it’s the top three). This is not just a simple increase but a genuine shift in position. The single-day trading volume is $2.4 billion, with a 24-hour increase of 2.6%, indicating that the enthusiasm is clearly heating up.

But even more interesting is the change in exchange holdings. XRP's available balance on exchanges has dropped from 3.76 billion tokens in October last year to 1.6 billion tokens now, a new low in 8 years. What does this indicate? Liquidity is tightening. The truly freely tradable XRP in the market is becoming increasingly scarce, and this supply-side pressure will naturally push prices higher.

On the capital side, a story is also unfolding. Since the launch of the XRP ETF in November, it has attracted a net inflow of $1.18 billion, with the current management scale reaching $1.37 billion. Top institutions like Bitwise, Franklin Templeton, Canary Capital, and Grayscale are all involved, accounting for 1.14% of XRP's total market cap. Institutional participation essentially signals a shift in risk appetite.

These three layers of logic stack up to make it clear— the driving force behind the price breakthrough comes from both the continuous influx of institutional funds and the ongoing depletion of spot supply. When these two forces collide, the rally begins.