XRP, the native token of Ripple, has once again taken the third place among the largest cryptocurrencies by market capitalization, overtaking the stablecoin USDT.
According to CoinMarketCap, at the time of publication, the price of XRP is about $2.45. The market capitalization of the asset has reached $140.63 billion.
For several years, the development of Ripple and its token has been complicated by a lawsuit with the US Securities and Exchange Commission (SEC), which accused the company of illegally selling unregistered securities. However, the successful resolution of some legal issues has increased investor confidence, which has contributed to the growth of the cryptocurrency's value.
The introduction of the new stablecoin RLUSD by Ripple played an important role in this process. This currency, integrated into the RippleNet platform, facilitates faster and cost-effective international transfers, attracting the attention of major financial institutions to the Ripple ecosystem.
XRP's move to third place instead of USDT reflects the growing interest in cryptocurrencies with real functionality that goes beyond their use solely as a means of exchange. Traditionally, stablecoins such as USDT and USDC have held leading positions in the market due to their backing by fiat currencies. However, recently the Tether USDT stablecoin has faced new restrictions in Europe.
On December 30, new EU rules on cryptocurrency market regulation (MiCA) came into effect, leading to a 1.2% decrease in USDT's market capitalization, down to $137 billion. This decline was the most significant since November 2022.
Thus, XRP was able to regain its status as one of the leading cryptocurrencies due to favorable conditions. Market rumors indicate the possibility of surpassing the $3 mark if the current trend continues.