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It is Oct. 8, and this morning, the focus of the crypto market is once again on Ripple as its CEO Brad Garlinghouse openly explained why banks still do not use XRP for cross-border payments. Short answer: privacy issues.

In the meantime, XRP itself just lost its long-held sweet top three position by market capitalization to Binance Coin (BNB), adding another symbolic blow to what could have been one of Uptober’s biggest stories.

All of this happens as Bitcoin (BTC) cools off after setting a record above $126,000 earlier this week, now trading near $121,000, with traders taking profits and global yields pressuring risk assets.

Bitcoin price pulls back after $126,000 record

Bitcoin has slipped from its all-time high and is now trading at around $121,000, which is down by around 4% over the last 24 hours. Analysts are calling this a healthy reset following two explosive weeks. This is indirectly proved by exchange balances that remain close to a six-year low of 2.83 million BTC, indicating that holders are not selling.

There are concerns about macroeconomic pressure coming from Japan's surging bond yields and the ongoing U.S. government shutdown, both of which are tightening global liquidity. Nevertheless, ETF inflows remain strong, reaching nearly $6 billion last week, with $3.55 billion flowing into Bitcoin alone.

Market participants are watching the $118,000 support level and the $126,000-$128,000 resistance level, while bulls are still hoping for $150,000 before the end of the month.

Figure of the day: Ripple CEO drops truth on banks and XRP

Brad Garlinghouse of Ripple explained why banks are not embracing XRP — and it is not due to regulation. In conversation with one of XRPL’s lead validators, the CEO revealed that the real obstacle is insufficient privacy.

In short, the problem is that banks do not want every transaction hash and address to be visible on the blockchain, when even pseudonymized data fails to hide corporate senders.

Ripple CEO confirms next stage for XRP's institutional adoption $xrp https://t.co/RLw696bmv1

— U.Today (@Utoday_en) October 5, 2025

Ripple has been working on the solution long enough, though. Thus, the new Credentials protocol was presented, which is a built-in KYC layer for private identity checks. The San Francisco company is also expanding decentralized identifiers (DIDs) to give institutions better control over their data.

For Garlinghouse, full banking integration of XRP is impossible until confidentiality reaches enterprise level, what one may call Ripple’s most candid admissions yet.

Chart of the day: Binance Coin (BNB) kicks XRP out of top 3 amid meme coin euphoria

The crypto scoreboard changed overnight as Binance Coin (BNB) now ranks third in market cap top, pushing XRP down to fourth place. Speaking of numbers, BNB climbed past $183.6 billion, while XRP slipped to about $171.74 billion, according to CoinMarketCap.

The flip was not caused by a crash but by tremendous 30% BNB price growth alongside Binance’s ecosystem revival. It all started with Aster, a new perpetual decentralized exchange actively promoted by Binance founder CZ. Its native token surged 8,000% in just a week, but what happened next is even crazier as full-fledged meme coin season happened on BNB Chain. In just 24 hours, the amount of multimillion meme cryptocurrencies born there broke all adequate amounts, and amid this euphoria, XRP had no chance to save its spot.

For now, analysts warn thatXRP must reclaim $3.10 soon to stay competitive; otherwise, the loss could extend through October.

Evening outlook

Bitcoin is holding near the $121,000 mark, defending short-term support as volatility builds ahead of the U.S. session. Meanwhile,Ethereum (ETH) is trading at around $4,480, and Binance Coin (BNB) continues to lead the altcoins. It has risen by a further 3% to reach $1,320, marking a 28% increase over the past week and a 50% increase over the past month.

Strength in alternative coins is evident in pockets: PancakeSwap (CAKE) is up 10% to $4.44. SPX6900 (SPX) is up 6%, and Mantle (MNT) is still holding triple-digit monthly growth.

However, the energy surrounding meme coins has cooled off elsewhere — Dogecoin (DOGE) is trading at around $0.29 and Shiba Inu (SHIB) at approximately $0.0000124 — as traders rotate back into large-cap tokens.

The overall tone remains optimistic: Uptober is not over — it is just slowing down to reload.