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XRP

XRP Flips USDT, Secures 3rd Spot By Market Cap – What’s Fueling The Surge?

Ash Tiwari
by Ash Tiwari
9 months ago
·
Posted in XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ripple’s XRP cryptocurrency continues its impressive rally, recently surpassing Tether (USDT) in reported market capitalization to become the third-largest cryptocurrency, behind Bitcoin (BTC) and Ethereum (ETH).

XRP Flips USDT As Crypto Market Cap Shoots Past $3.6 Trillion

Alongside BTC, several cryptocurrencies, including Solana (SOL), and Sui (SUI), have shown exceptional performance during the ongoing crypto bull market. XRP, in particular, has surged by an astonishing 424% over the past month, outperforming all other large-cap cryptocurrencies.

Related Reading: XRP Experiencing A Leverage-Driven Rally – What This Means To Price

Ripple’s native token’s remarkable run aligns with pro-crypto presidential candidate Donald Trump’s victory in the November elections. On November 4, XRP was trading at just $0.50, but it has reached $2.69 – representing a fivefold increase in less than a month.

This dramatic price momentum has propelled the crypto-asset’s market capitalization to $152.2 billion, securing its position as the third-largest cryptocurrency. This is not the first time Ripple’s flagship digital currency has achieved this milestone.

SEC Lawsuit Issues Nearing End For Ripple

XRP was previously among the top three cryptocurrencies by market cap until December 2020, when the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple. The lawsuit alleged that Ripple facilitated an “unregistered digital asset securities offering.”

The litigation caused years of uncertainty for Ripple, significantly impacting the cryptocurrency’s price performance between 2020 and mid-2024. However, recent positive developments in the case have sparked renewed investor confidence, driving strong price gains for XRP. Commenting, Eleanor Terrett from Fox Business said:

Wow. Pre-lawsuit, $XRP was the third largest cryptocurrency by market cap. When the SEC sued Ripple in December 2020, the price fell from around $0.50 to $0.17, taking out with it more than $15B in market value. While the price recovered, it spent the next four years at the #7 spot.

The cryptocurrency has also been buoyed by fresh optimism toward crypto regulations in the US since Donald Trump emerged victorious in the November elections. Within the last two weeks, it has surged by 133%, indicating that there might be more room for the digital asset to grow before stalling.

Related Reading: XRP Ledger Foundation (XRPLF) Now Officially Registered In France

Further, recent data from Google Trends indicates that search results for the digital asset eclipsed the word “crypto” at least three times in November. Notably, the Ripple token surpassed ETH in Google searches earlier this month. However, it is yet to overtake Bitcoin in this metric.

XRP CRYPTO
Source: Google Trends

Ripple’s blockchain asset stands to gain from several upcoming developments. For example, Ripple Labs is on track to secure regulatory approval in New York for its dollar-pegged stablecoin, RLUSD.

That said, some analysts fear that the digital asset’s rally may be overextended, recommending a cautious approach and suggesting investors wait for a price correction before buying. XRP trades at $2.69 at press time, up 40.5% in the past 24 hours.

XRP
XRP trades at $2.69 on the daily chart | Source: XRPUSDT on TradingView.com
Featured Image from Unsplash.com, Charts from Google Trends and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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