XRP has surpassed Tether’s USDT stablecoin in market capitalization, becoming the world’s third-largest cryptocurrency following bitcoin and ether.
XRP, which is largely associated with Ripple Labs, has a market cap of $141.8 billion at the time of writing, surpassing USDT’s $134.5 billion. The price of XRP jumped 30% over the past 24 hours to $2.46, according to The Block’s price page. It has risen 364.1% in the past month.
The surge in XRP follows its recent surpassing of Solana in market cap over the weekend. Bitcoin climbed 1.28% to currently trade at $97,862, while ether added 0.68% to change hands at $3,721. Solana edged down 0.96% to $235.84.
XRP’s price momentum may be influenced by Securities and Exchange Commission Chair Gary Gensler’s recent announcement that he will step down from his role in January. The SEC has been in a legal battle with Ripple since 2020, accusing the company of raising $1.3 billion through the sale of XRP, which it deemed an unregistered security.
Market participants are also watching the possibilities of spot XRP exchange-traded funds. Several asset managers, including 21Shares, Canary Capital and Bitwise, have filed for XRP ETFs.
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