XRP successfully surpassed Tether's USDT to become the third-largest digital asset globally.

Meanwhile, Bitcoin (BTC) faces significant resistance from a large 'sell wall' as it approaches the key threshold of $100,000, making it difficult for the price to break through further.

XRP's Remarkable Performance

XRP, as a payment-focused cryptocurrency, has skyrocketed by 375% in price within 30 days, reaching $2.40.

XRP's rapid rebound has attracted widespread attention in the market. Coinstash co-founder Mena Theodorou stated in an email: 'This resurgence of XRP is creating waves in the market and may signal the return of retail traders and investors to the crypto market.' He noted that trends about XRP on TikTok, speculation about Ripple's stablecoin approval, and the possibility of ETFs are key factors driving the new wave of enthusiasm for XRP.

Global Trading Volume Soars

XRP's trading volume has surged globally. South Korea's largest cryptocurrency exchange, Upbit, recorded a staggering $4 billion in XRP trading against the Korean won in the past 24 hours, accounting for over 27% of the exchange's total trading volume. This indicates that XRP's popularity in the global market is continually rising.

In addition, the South Korean Democratic Party announced on December 2 that it will postpone the implementation of the cryptocurrency capital gains tax plan until 2025. This policy change has injected new vitality into the XRP market. Markus Thielen, founder of 10x Research, pointed out in a report to clients that this delay effectively removes a major obstacle to speculative trading, clearing the way for further development in the cryptocurrency market.

Challenges Faced by Bitcoin

In contrast, Bitcoin's performance appears relatively weak. As the leading cryptocurrency by market capitalization, Bitcoin opened the new week down 1% to $96,000. For the past two weeks, the price has been hovering between $90,000 and $100,000, struggling to break through the key six-figure threshold.

BRN analyst Valentin Fournier stated that despite strong market catalysts and increasing investor confidence, Bitcoin is still struggling with the psychological barrier of $100,000. 'Despite strong market catalysts and growing investor confidence, Bitcoin is still grappling with the psychological barrier of $100K. Profit-taking is evident, and a significant sell wall of over 4,000 BTC must be cleared before reaching higher levels,' Fournier told CoinDesk.

Additionally, traders are gradually shifting funds from Bitcoin to other cryptocurrencies. Since November 21, Bitcoin's market dominance has decreased from 61.5% to 56.5%. Fournier noted, 'Bitcoin's dominance has dropped by 5% in the past 12 days, falling below the positive trend line established in June 2023. Due to the significant resistance at $100K, the market is seeing capital flow into altcoins with increased liquidity support.'

Future Possibilities

The future growth potential for XRP remains immense.

If Ripple can successfully launch its stablecoin and obtain regulatory approval, XRP's market position will be further solidified.

At the same time, whether Bitcoin can break through the resistance level of $100,000 still requires observation of its ability to absorb the current selling pressure.

The cryptocurrency market is at a crucial turning point, with the rise of XRP and challenges for Bitcoin providing investors with abundant opportunities and strategic choices. As the market continues to evolve and mature, future trends are worth ongoing attention.