XRP (CRYPTO:XRP) continued its upward march on Tuesday, becoming the third-largest Cryptocurrency by market capitalization after Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH).
What happened
The payments-focused cryptocurrency hit $2.84 early this morning, just 19% off its all-time high. This rally boosted the market valuation to over $160 billion.
The subsequent correction removed some of XRP’s valuation, but it was enough to take out Tether (CRYPTO: USDT) third largest cryptocurrency by market capitalization.
At the time of writing, XRP was worth $143.59 billion, more than iconic Wall Street companies like Boeing Co. (NYSE:BA) and Nike Inc. (NYSE:NKE).
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Why is it important
XRP has been one of the standout assets of the current cryptocurrency bull market rally, as it is up 82% on the week and 400% in the last month.
The rally has been generally supported by the presidential victory of donald trump and a number of bullish factors specific to the XRP ecosystem.
The departure of the president of the Securities and Exchange Commission, Gary Genslerreports that the crypto-friendly Paul Atkins would replace it, the increase in presentations of exchange-traded funds linked to the cryptocurrency, and the imminent launch of the RLUSD stablecoin Ripple Labs.
The renowned cryptocurrency analyst Michael van de Poppe called XRP “the leading indicator of Altcoin strength.”
“The last time this explosive movement occurred was the beginning of the altcoin period,” he added.
$XRP is THE prime indicator for #Altcoin strength.
The last time this explosive move happened, it was the start of the altcoin period.
I’m expecting the same, a big rotation from XRP towards other altcoins, likely to do similar moves as XRP did. pic.twitter.com/m1Qgs2hp0c
— Michaël van de Poppe (@CryptoMichNL) December 3, 2024
Price movement
At the time of writing, XRP was trading at $2.53, falling 5.93% in the last 24 hours, according to data from Benzinga Pro.
Photo courtesy of Shutterstock
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