XRP surpasses Tether, becoming the third largest cryptocurrency in the world

XRP, the native token of #Ripple , has recorded an impressive growth week with an increase of over 71% reaching a price of $2.47, while increasing 367% in the past 30 days. This achievement has helped XRP surpass Tether (USDT), becoming the third largest cryptocurrency by market capitalization, according to data from CoinGecko.

The breakout of XRP

Last week, $XRP surpassed Solana and then Tether to climb to the third position. This occurred amidst optimistic investor sentiment regarding Ripple's legal future as the Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, is expected to leave office on January 20.

The SEC had sued Ripple Labs in 2020 for alleged securities law violations. However, expectations for a new leader with a more friendly stance towards the crypto industry are driving positive sentiment and significant investment flow into XRP.

Nearly hitting the historical peak

Despite reaching a significant milestone, XRP is still about 27.6% away from its all-time high price of $3.40 (recorded in January 2018). However, this coin has now approached its peak more than at any time in the past seven years.

The price surge is widespread

Not only XRP, but other cryptocurrencies are also making strong advances:

• Cardano ($ADA ): up 10% in the last 24 hours.

• Shiba Inu ($SHIB ): up 8%.

• Stellar (XLM): up 13%.

The upward trend of XRP is spreading throughout the crypto market, continuing to affirm the position of this industry amid changing policies.