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XRP Breaks Into Top 3 Cryptos After Overtaking Tether and Solana

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by Giorgi Kostiuk

a year ago

XRP has climbed to the third spot among cryptocurrencies by market cap, overtaking Tether and Solana. Over the past seven days, XRP's price has increased by almost 70%, reaching $2.5.

Reasons Behind XRP's Surge

The rise of XRP is linked to a series of political and regulatory developments alongside renewed market speculation. Donald Trump's election as the President of the USA has reignited enthusiasm in the cryptocurrency market. XRP's momentum increased due to reports about Ripple's stablecoin RLUSD's impending approval by the New York Department of Financial Services and the potential resolution of Ripple's legal battle with the SEC.

Potential Market Impact

Firms like Bitwise and Canary Capital are actively seeking SEC approval to introduce ETFs focused on XRP, further strengthening investor confidence in the coin.

Warning of Possible Drawdown

CryptoQuant analyst Maarten Regterschot notes that XRP's open interest has risen by 37%, indicating an increase in market leveraging. He warns that a similar past pattern led to a 17% price decline, emphasizing the importance of risk management.

XRP's ascent to the third position among cryptocurrencies highlights its market impact. Investors should be aware of potential risks associated with volatility.

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Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.