XRP has reclaimed the third largest cryptocurrency position after a significant price increase and major transfer. This has drawn trader attention amid increasing market confidence.
XRP Reclaims Third Spot
XRP has taken the third position among cryptocurrencies by market cap, surpassing Tether (USDT) due to a 10% price rise to $2.60. Its market cap now stands at $152 billion, trailing only Bitcoin and Ethereum. The growth is supported by rising adoption and favorable legislation, including a proposal for tax relief on cryptocurrency gains in Missouri.
Large Transfers and Market Dynamics
The recent transfer of 20 million XRP valued at over $50 million to South Korean exchange Bithumb has heightened market interest. Data shows that the open interest in XRP futures increased by 14.42%, reaching $5.29 billion, and options volume surged by 76%, indicating a growing trader confidence in continued bullish momentum.
Regulatory Changes and Ripple's Future
Ripple reached a final settlement with the SEC in the United States resulting in a reduced penalty of $50 million, ending a prolonged legal dispute regarding the status of XRP. This, coupled with Ripple's institutional expansion plans, may signal future development for XRP-based financial products.
The situation in the XRP market highlights the recovery of the cryptocurrency's status and increasing trader activity, which may present new opportunities for further growth.
