XRP’s price has soared by 1.6% in the past 24 hours, reaching $2.42. This increase has propelled XRP past Tether’s USDT, making it the third-largest cryptocurrency by market capitalization. According to CoinMarketCap, XRP’s market cap now stands at $138.26 billion.
Weekly Gains and Market Momentum
Over the past week, XRP’s value has climbed 10.6%, driven by a favorable market outlook and significant whale activity. Meanwhile, USDT now ranks as the fourth-largest cryptocurrency, with a market capitalization of $137 billion. Although USDT experienced smaller gains of 0.06% daily and 0.04% weekly, it could not keep up with XRP’s momentum.
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USDT’s struggle to maintain its position is partly due to mounting regulatory pressures. The implementation of the Markets in Crypto Assets (MiCA) regulation has cast doubt on USDT’s future. Tether’s failure to comply with the new rules has led to the threat of delisting from major exchanges like Coinbase in MiCA-compliant regions. This regulatory uncertainty has contributed to USDT’s stagnation, providing XRP with an opportunity to surge ahead.
XRP Ecosystem Benefits from Key Developments
Several developments within the XRP ecosystem have fueled its recent success. The growing hype around an XRP exchange-traded fund (ETF) gained significant traction in late Q4, as major asset managers like WisdomTree submitted filings with the U.S. SEC. Additionally, Ripple Labs launched the RLUSD stablecoin last month, aiming to rival USDT and USDC.
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These initiatives have strengthened investor confidence in XRP, supporting its price rally. While this flippening may not be permanent due to market volatility, XRP’s recent achievements signify its resilience and growth potential.
The cryptocurrency reclaiming the third spot could mark the beginning of a larger upward trend, with experts anticipating higher price targets in the near future.
