• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

XRP Surpasses Tether as Third Largest Cryptocurrency

user avatar

by Giorgi Kostiuk

a year ago

XRP has become the third-largest cryptocurrency, surpassing Tether with a market cap of $142 billion. The price reached $2.44, its highest since January 2018.

Factors Behind XRP's Growth

XRP's price surge is attributed to several factors, including the progress in Ripple's legal battle with the SEC. Speculation about a favorable outcome has boosted market confidence. Rumors of an ETF based on XRP have also added to the optimism. Changes in SEC leadership and political shifts in the US could create a more favorable regulatory environment.

Ripple's RLUSD Token Burn

Ripple burned 46.67 million RLUSD tokens, reducing the total supply to 100,000, sparking investor optimism. Ripple is expected to receive approval to launch RLUSD in New York, potentially as early as December 4, 2024.

Analysts Warn of Potential Volatility

Some analysts warn of potential volatility and sharp sell-offs. Maarten Regterschot noted that open interest is up by 37%, which could lead to price declines. CoinGlass data shows XRP open interest at $4 billion, indicating increased interest in the asset.

Open Interest is up 37% already—watch for volatility.

XRP is experiencing significant growth, strengthening its position in the crypto market. However, investors should be cautious of potential volatility risks.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Bonk Shows High Volatility Amid Market Activity

chest

Bonk has experienced significant price fluctuations, drawing interest from young traders.

user avatarKofi Adjeman

Investment Expert Says XRP Could Reach $10,000, Here's Why

chest

Market commentator Armando Pantoja suggests that XRP's price could soar to $10,000 due to future technological shifts driven by AI.

user avatarNguyen Van Long

Venezuelan Stablecoin Adoption Seen as Model for Economically Challenged Nations

chest

Venezuelan citizens are increasingly using digital currencies like USDT for transactions, substituting traditional banking systems as inflation persists.

user avatarSatoshi Nakamura

Peer-to-Peer Transactions Surge in Venezuela's Crypto Landscape

chest

Peer-to-peer transactions are becoming a vital service for Venezuelans in the absence of reliable banking channels.

user avatarJesper Sørensen

Venezuelans Increasingly Rely on Blockchain Technology Amid Economic Crisis

chest

Venezuelans are increasingly relying on blockchain technology for banking as economic conditions worsen, with stablecoins becoming essential for transactions.

user avatarRajesh Kumar

Ethereum Price Volatility Amid DeFi Security Breaches

chest

Recent security challenges in decentralized finance, particularly the breach at Ribbon Finance, have led to significant market volatility, with Ethereum's price dropping by 32.20% over the last 90 days.

user avatarLucas Weissmann

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.