XRP has reclaimed its position as the third-largest cryptocurrency in the world by market capitalization, trailing only Bitcoin and Ethereum.
XRP Surpasses Tether in Market Capitalization
According to data from TradingView XRP's market capitalization has reached approximately $140 billion, surpassing Tether (USDT) by $2 billion, with Tether's market cap currently standing at $137 billion.
XRP's Significant Growth
Over the past week, XRP's value has increased by nearly 15%, and its annual growth rate is approximately 350%. The recent surge, which has lasted three days, is linked to the release of Ripple USD (RLUSD), a stablecoin backed by the US dollar and issued by Ripple Labs in December last year.
Potential Approval of an XRP ETF
Speculations suggest that the U.S. Securities and Exchange Commission (SEC), under crypto-friendly chairman Paul Atkins, may approve an exchange-traded fund (ETF) based on XRP. Companies like WisdomTree and Bitwise are reportedly competing to launch this ETF.
Tether's Market Cap Decline
While XRP continues to gain momentum, Tether's market capitalization has dropped by $1.6 billion. This decline coincides with the implementation of the European Union's Markets in Crypto-Assets (MiCA) regulation, which took effect on December 30.
Tether lost 1.2% of its market cap on January 2, shortly after MiCA was enforced. Additionally, Coinbase announced on December 13 that it would delist Tether due to the stablecoin's non-compliance with MiCA regulations.
Tether’s Potential Comeback
Despite the setbacks, Tether still has the potential to recover. According to previous reports from TradingView, approximately 80% of USDT’s trading volume originates from Asia. This strong presence in the Asian market could help Tether offset its losses in Europe by boosting trading activity in the region.
Conclusion
XRP is solidifying its position as a major player in the cryptocurrency market, and its growth could influence future dynamics in the sector. However, Tether still holds a significant advantage, especially in Asia, making it a resilient competitor in the evolving crypto landscape.
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