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The price of XRP has risen by more than 1.6% in the past 24 hours commerce Priced at $2.42. It has now surpassed Tether's USDT to secure third place in the cryptocurrency rankings by market cap.
XRP outperforms USDT in terms of market cap
According to CoinMarketCap, XRP rose 10.6% in the past week, reaching a market cap of $138.26 billion. Favorable market outlook and increased whale activity have contributed to the rise in XRP prices.
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As a result of XRP's recent rally, USDT is now the fourth largest cryptocurrency with a market capitalization of $137 billion. Similar to XRP, USDT has been rising since last week; However, its gains were smaller. USDT saw daily and weekly increases of 0.06% and 0.04% respectively.
This side may not always be the case because market fluctuations are skewed on both sides of the coin in the long run. Notably, USDT is facing intense market fear, uncertainty and doubt (FUD) amid the implementation of Markets in Crypto Assets (MiCA) regulation.
The stablecoin issuer did not comply with the new rules, making it face delisting from top exchanges such as Coinbase operating in the region.
XRP benefits
Amidst all of this, the XRP ecosystem has benefited by capitalizing on key events within the ecosystem. Firstly, XRP ETF The hype grew significantly toward the end of the fourth quarter as major asset managers, including WisdomTree, filed for the product with the U.S. Securities and Exchange Commission.
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Ripple Labs also launched Stablecoin RLUSD last month, hoping to pose serious competition to USDT and USDC. This sentiment is helping to lift XRP overall, as seen in the price boom for the rest of Q4.
A coin regaining third place could be the start, with even greater price expectations in the future.
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