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XRP has surged in value, overtaking Tether (USDT) to secure the third position in the cryptocurrency market by market capitalization. In the past 24 hours, while XRP surpasses Tether USDT in market cap, the former saw an increase of more than 1.6%, trading at $2.42, surpassing Tether USDT in the rankings. With this latest price boost, XRP’s market capitalization has reached an impressive $138.26 billion, while Tether now holds the fourth spot with a market cap of $137 billion.
XRP’s remarkable price movement and subsequent rise above Tether USDT can be attributed to a combination of favourable market conditions, investor sentiment, and increased whale activity. Over the past week, XRP has gained a notable 10.6%, demonstrating strong growth amid a relatively optimistic market outlook. As larger investors, or “whales,” continue to accumulate XRP, the price of the coin has experienced an upward trajectory making XRP surpass Tether USDT in market cap.
In contrast, Tether USDT has seen only minor growth in comparison, with the coin experiencing a daily increase of just 0.06% and a weekly rise of 0.04%. This slower momentum has allowed XRP to close the gap and surpass USDT in market capitalization. Despite these recent gains, XRP’s rise above Tether may not be permanent, as the volatile nature of the cryptocurrency market presents uncertainty for both coins.
While XRP surpasses Tether USDT in market cap, this shift might not be lasting. The crypto market has long been characterized by its volatility, and fluctuations in price are common. For Tether, the ongoing regulatory concerns, especially surrounding the European Union’s Markets in Crypto Assets (MiCA) regulation, are fuelling uncertainty.
Tether’s failure to comply with the MiCA regulations has led to fears that the stablecoin may face delisting from major exchanges, such as Coinbase, which could negatively impact its market position. The regulatory landscape around stablecoins like Tether continues to evolve, and these developments could lead to further challenges for USDT in the coming months.
The rise of XRP is further supported by key events within the XRP ecosystem. Notably, towards the end of 2024, the excitement surrounding the potential launch of an XRP ETF (exchange-traded fund) gained significant traction. Leading asset managers, including WisdomTree, filed applications with the U.S. Securities and Exchange Commission (SEC) to offer XRP-based ETFs. This has spurred positive sentiment and generated increased interest in XRP among investors, who see this as a significant step in the token’s mainstream adoption.
Moreover, Ripple Labs, the company behind XRP, recently introduced the RLUSD stablecoin, which could pose serious competition to other stablecoins like Tether (USDT) and USD Coin (USDC). The launch of RLUSD is part of Ripple’s ongoing efforts to expand its influence in the crypto space, positioning itself as a major player not only in the XRP ecosystem but also within the broader stablecoin market.
These developments have worked in XRP’s favor, helping the coin reclaim the third spot in market rankings. XRP’s rise above Tether USDT is seen by many as a sign of its growing potential, with analysts forecasting further gains in the near future.
Given its current momentum and the positive market outlook, XRP’s rise above Tether USDT could be just the beginning of even greater things to come. With more institutional interest, the possible approval of XRP ETFs, and Ripple’s expansion into new projects like RLUSD, XRP is well-positioned for continued growth. The potential for future price increases looks strong, with analysts suggesting that XRP could see further upward movement in the coming months, especially if market conditions remain favourable. While XRP surpasses Tether USDT in market cap, many investors are keeping a close eye on the coin’s performance, eager to see how its price unfolds in the next stages of its market journey.
XRP Surpasses Tether USDT due to a combination of factors, including an overall positive market outlook, whale activities, and developments within Ripple’s ecosystem. While Tether struggles with regulatory challenges, XRP’s future remains promising, with analysts predicting further potential for growth. The coin’s recent rise to the third position is a sign of strong market performance, and XRP could be setting itself up for an even bigger breakout in 2025. Stay updated with the latest developments in the cryptocurrency industry through The BIT Gazette, offering comprehensive insights into current events shaping the sector.
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