While following the upward trajectory, Ripple’s XRP has outperformed USDT stablecoin and once again became the third-biggest cryptocurrency in the leaderboard.
At the time of publication, the cryptocurrency is trading at around $2.47 with a 2.64% hike in the last 24 hours and an impressive market capitalization of $141.62 billion, according to CoinMarketCap.
For years, Ripple and its native token’s growth was hindered by an ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), which accused Ripple of conducting an unregistered securities offering.
Despite these challenges, Ripple’s recent victories in court have boosted investor confidence. This has also sparked a rally in the cryptocurrency.
Ripple’s latest innovation, including the RLUSD stablecoin launch, has played a crucial role in its emergence. The RLUSD, integrated into RippleNet’s ecosystem, offers faster and more affordable cross-border payments. The RLUSD launch helped the Ripple ecosystem to entice institutional investors.
The flip of XRP over USDT is more than just a reshuffling of rankings. It shows a growing shift in market sentiment towards cryptocurrencies that provide real-world utility beyond just serving as a medium of exchange.
For years, stablecoins like USDT and USDC have dominated the market due to their peg to fiat currencies. However, recently, the Tether’s stablecoin USDT was hit by new regulations in Europe.
Tether’s USDT, the largest stablecoin, experienced a 1.2% market cap drop to US$137 billion after the European Union’s Markets in Crypto-Assets (MiCA) regulations took effect on December 30, marking the sharpest weekly decline since November 2022.
In a nutshell, XRP regained the third position after all the stars had aligned in the right direction. There’s a buzz in the crypto market that the cryptocurrency could break the $3 mark if it continues its current upward trajectory.
Also Read: Ripple’s Dance With the Regulators: John Deaton Weighs In