Over the weekend, XRP, Ripple’s Cryptocurrency, experienced a significant increase that led it to surpass the USD 2 barrier in its price. This rise led XRP to directly confront Tether’s USDT in the fight to remain the third most valued cryptocurrency on the market.
The market capitalization of USDT remained stable, with a value of approximately $134.1 billion, while that of XRP was approaching dangerously with 131.9 billion dollars, at the time of writing this report.
During the day on Sunday, December 1, XRP managed to temporarily surpass USDT, ranking in third place among the largest cryptocurrencies by market cap, before USDT regained its position.
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XRP and USDT fight for third place in the top cryptocurrencies. Source: CoinMarketCap.
The fluctuation in the market capitalization of cryptocurrencies can be due to several factors. The price of XRP, for example, has risen and fallen due to market demandrelevant news and speculation.
Over the past weekend, just one week, according to data from CoinMarketCap.
This behavior of XRP not only reflects its growing demand, but also the confidence of investors. The strength of XRP is corroborated by the total open interest of XRP futures contractswhich reached a new record of $3.91 billion.
The main exchanges that manage these contracts are Binance with 543 million XRP (32.3%), Bybit with 527 million XRP (31.5%) and Bitget with 330 million XRP (19.6%), according to the data provided by CoinGlass.
The increase in XRP during November was notable, as reported by CriptoNoticias, rising by 280% during the month, an escalation not seen in 11 years. This rise is attributed not only to the overall bullish trend of the cryptocurrency market, driven by Bitcoin‘s carryover effect, but also to XRP-specific factors. Among them, the possible outcome of the legal battle between Ripple and the SEC and the recent election of Donald Trump, who promised a friendlier regulation for cryptocurrencieshave played a crucial role.
Furthermore, XRP has gained ground in the institutional arena. Four companies have already requested the issuance of a XRP-based ETFwhich adds even more weight to its value in the market and reflects the growing acceptance and trust in Ripple as a viable solution for global payments and financial transactions.
In this context, the competition between XRP and USDT for third place in market capitalization is not only an indicator of the dynamism of the cryptocurrency market, but also of how news, legal developments and political changes They can quickly influence the valuation of these digital currencies.
The gap between both cryptocurrencies is currently less than $5 billion, keeping investors and observers attentive to any change in the global panorama of digital assets.
This article was created using artificial intelligence and edited by a human Editor.
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