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XRP Tops Tether as Third-Largest Cryptocurrency by Market Capitalization – What’s Driving the Upward Trend?
Ripple’s XRP has made a stunning move, surpassing Tether to take its place as the third-largest cryptocurrency by market capitalization. The sudden surge in value comes as XRP reaches a whopping $138.98 billion market cap.
In an unexpected turn of events, XRP has managed to outpace USDT with a staggering 17% price increase over the past fortnight. This remarkable upswing is a testament to the cryptocurrency’s resilience and adaptability.
As per recent data, it appears that Ripple’s RLUSD stablecoin debut and ongoing speculation surrounding an eventual XRP ETF have contributed to this impressive growth.
The dramatic shift in market capitalization can also be attributed to Tether’s significant decline of $1.6 billion since December 30th, coinciding with the introduction of stricter regulations for stablecoins operating within the European Union under MiCA (Markets in Crypto-Assets) regulation.
XRP’s meteoric rise has seen it climb into second place, with a market capitalization of nearly $141 billion at press time. This development has further solidified its position among the top-tier cryptocurrencies, now following only Bitcoin and Ethereum.
The recent developments have raised questions about the implications of the current regulatory environment on the cryptocurrency landscape.
Source: cryptonewsland.com
