Ripple has regained its position as the third-largest cryptocurrency by market cap, overtaking Tether, whose market cap has fallen to around $137 billion. According to the data, XRP’s market cap 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 price is speculated to be linked to the release of RLUSD, a dollar-backed stablecoin, as well as speculation about the possible approval of a Ripple ETF by the US Securities and Exchange Commission.
In contrast, Tether has lost $1.6 billion in market cap since the European Union’s Crypto Asset Markets Regulation came into effect in December. Despite the decline, some experts believe Tether could recover thanks to its dominance in the Asian market, which accounts for about 80% of its trading volume.
