Ripple Reclaims Its Place as the Third Largest Cryptocurrency After Overtaking Tether

Ripple has reclaimed its place as the third largest cryptocurrency by market cap, overtaking Tether, whose market cap has fallen to around $137 billion. According to the data, the market cap of $XRP is approaching $140 billion, having risen 15% in the past seven days and has increased by around 350% over the past year.

The recent surge in XRP’s price is expected to be linked to the launch of (RLUSD), a dollar-backed stablecoin, as well as speculation about the US Securities and Exchange Commission’s approval of a Ripple exchange-traded fund.

In contrast, Tether has fallen by $1.6 billion in market cap, after the European Union’s Crypto Asset Markets Regulation came into effect last December. Despite this decline, some experts believe that Tether may recover thanks to its dominance in the Asian market, which accounts for around 80% of its trading volume.