Ripple’s native cryptocurrency XRP is no longer holding the fourth spot rather it has moved up on CoinMarketCap. As per CMC data, XRP has become the third-largest cryptocurrency in the world in terms of market capitalization by overtaking Tether (USDT), the largest stablecoin in the world. XRP has been able to achieve this milestone due to its price rally in the past 24 hours.
XRP now has a greater market cap than that of Tether
Earlier today when the price value of XRP was holding at around $0.32, the market cap of XRP was standing at around $16 billion. However, during the past few hours, XRP has added more than two billion into its market capitalization. According to CoinMarketCap’s data, the market cap of XRP has now reached $18.9 billion.
Now, Ripple’s XRP has a greater market capitalization than that of Tether (USDT). Due to a higher market cap value, XRP is now holding the third spot on CoinMarketCap. While on the other hand, the stablecoin Tether has been pushed down to the fourth spot as it has seen a drop of more than $500 million over the past few hours. USDT now has $18.3 billion in market capitalization.
XRP’s Price Surges to $0.41
XRP was able to outshine Tether only because of its potential price rally that the coin has posted over the course of the last 24 hours. The currently third-ranked cryptocurrency has surged by more than 30 percent over the last day and has surpassed the key price level of $0.41.
By reaching this mark, the coin has recorded its sixteenth-month highest value. It is the highest price mark hit by the coin since July 2019. Along with this, the Year-to-Date (YTD) price gain of the digital coin has increased to approximately 116 percent.
At the press time, XRP is trading at $0.412957 USD with a price increase of more than 31 percent in the last 24 hours. Over the last seven days, the price of the coin is up more than 55 percent, the largest weekly price gain in the entire cryptocurrency market at the current moment.