NO it can NOT.
what you see on that chart is a bad comparison of apples and oranges. you see two lines one is in
USD the other one is in
BTC it would be like comparing time with temperature
and the reason why marketcap (shown on the chart in USD) went down and price (shown on the chart in BTC) went up is because bitcoin price had gone down. if you check the market cap in BTC with price in BTC or both of them in USD you can see they both change together.
because simply put the formula is this:
market cap = Available Supply * Price
This value for ripple currently is 308,833.75043664
BTC or 241,127,889.763992 USD