XRP Breaks Into Top 3 Cryptos After Overtaking Tether and Solana

user avatar

by Giorgi Kostiuk

2 years 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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Tether Introduces New Framework to Enhance Bitcoin Mining Operations

Tether has announced a new initiative aimed at simplifying Bitcoin mining operations by integrating existing equipment through a common software framework.

user avatarRajesh Kumar

Electrum Wallet Vulnerability Could Lead to Unintended Payments

Electrum disclosed a vulnerability in its wallet that could lead to unintended payments due to a flaw in fee adjustments.

user avatarLucas Weissmann

US Household Inflation Expectations Increase Ahead of Federal Reserve Meeting

In October 2023, American households raised their inflation expectations to 4.7% for the next year and 3.5% for the long run, according to a survey by the University of Michigan.

user avatarFilippo Romano

XRP Ledger Maintenance Amendment Regains Validator Majority

The XRP Ledger's fixCleanup340 amendment has regained majority support from validators, moving its activation window to November 4.

user avatarEmily Carter

W Group Invests in SwapGlobal for Institutional Pre-IPO Derivatives

W Group has announced its investment in SwapGlobal, which is preparing to offer institutional pre-IPO derivatives.

user avatarTomas Novak

Aave Labs Clarifies V38 Security Upgrade Details

Aave Labs has clarified its proposed V38 security upgrade, focusing on the exclusion of flashloan entry points from the new reentrancy guard, ensuring functionality during liquidations.

user avatarKaterina Papadopoulou

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.