Ripple’s XRP has surpassed the market capitalization of stablecoin Tether (USDT) and is currently the third largest cryptocurrency in the market.
According to Coinmarket.com, XRP’s market capitalization exceeds $138 billion, approaching the position of Bitcoin and Ethereum.
Tether, which is a stablecoin designed to prevent the typical movements of other cryptocurrencies, still holds a market capitalization of $134 billion.
Meanwhile, Bitcoin dominates the market with a capitalization of more than $1.9 trillion and Ethereum at $444.4 billion.
Meanwhile, XRP’s high surge in the market is the result of its price increase over the past few weeks.
In the past 24 hours, Ripple’s value has increased by 30% with a weekly gain of around 70%. Currently, its price is trading at $2.43 with a record strengthening of 376% within a month.
If XRP maintains its current momentum, it could reach new all-time highs, with its current price still below the record $3.30 reached in 2018.
The market’s confidence in XRP is not just based on its recent performance but also on its potential as a digital asset of choice for cross-border remittances and transactions.
Ripple’s technology enables fast, low-cost international payments that are attracting interest from financial institutions around the world. This underlying utility is adding to investor confidence in XRP’s long-term prospects.
