Cointime

Cointime

Download App
iOS & Android

XRP becomes world's third-largest crypto, overtakes Tether’s USDT in market cap

Cointime Official

From theblock by Timmy Shen

XRP +26.74% has surpassed Tether’s USDT -0.03% stablecoin in market capitalization, becoming the world’s third-largest cryptocurrency following bitcoin and ether.

XRP, which is largely associated with Ripple Labs, has a market cap of $141.8 billion at the time of writing, surpassing USDT’s $134.5 billion. The price of XRP jumped 30% over the past 24 hours to $2.46, according to The Block’s price page. It has risen 364.1% in the past month.

The surge in XRP follows its recent surpassing of Solana in market cap over the weekend. Bitcoin climbed 1.28% to currently trade at $97,862, while ether added 0.68% to change hands at $3,721. Solana edged down 0.96% to $235.84.

“XRP's recent strength seems to be driven by the news last week that NYDFS is close to approving Ripple's stablecoin RLUSD,” Peter Chung, head of research at Presto Research, told The Block. 

The New York Department of Financial Services may be approving Ripple’s RLUSD stablecoin soon with the company eyeing a possible launch date of Dec. 4, Fox News reported on Friday, citing sources close to the matter. Ripple did not immediately respond to The Block’s request for comment.

XRP’s price momentum may also be influenced by Securities and Exchange Commission Chair Gary Gensler’s recent announcement that he will step down from his role in January. The SEC has been in a legal battle with Ripple since 2020, accusing the company of raising $1.3 billion through the sale of XRP, which it deemed an unregistered security.

“Gensler stepping down is also a plus as this means that the SEC under a new leadership is likely to settle or withdraw many of the SEC’s outstanding lawsuits, including the appeal against Ripple,” Chung said. “It's difficult to judge how long the rally will last. If the XRP community can leverage the RLUSD to nurture the ecosystem on XRP Ledger and create values, it could. Ripple will certainly be in a better position to do so without the distraction from the SEC lawsuit.”

Market participants are also watching the possibilities of spot XRP exchange-traded funds. Several asset managers, including 21Shares, Canary Capital and Bitwise, have filed for XRP ETFs.

Comments

All Comments

Recommended for you

  • BTC Surpasses $84,000

    Market data shows that BTC has surpassed $84,000, currently priced at $84,004, with a 24-hour decline of 0.25%. The market is experiencing significant volatility, so please ensure proper risk management.

  • BTC Falls Below $84,000

    Market data shows that BTC has fallen below $84,000, currently priced at $83,988.06, with a 24-hour increase of 0.52%. The market is experiencing significant volatility, so please ensure proper risk management.

  • ETH Falls Below $2700

    Market data shows that ETH has fallen below $2700, currently priced at $2699.7, with a 24-hour increase of 1.95%. The market is experiencing significant volatility, so please ensure proper risk management.

  • BTC Surpasses $85,000

    Market data shows that BTC has surpassed $85,000, currently priced at $85,000.02, with a 24-hour increase of 1.72%. The market is highly volatile, so please ensure proper risk management.

  • ETH Surpasses $2700

    Market data shows that ETH has surpassed $2700, currently priced at $2700.14, with a 24-hour increase of 1.23%. The market is experiencing significant fluctuations, so please ensure proper risk management.

  • Yushu Technology's Wang Xingxing: Key to Breakthrough in Embodied Intelligence Lies in Solving Millimeter-Level Error Issues

    On September 25, the 5th Global Digital Trade Expo was held in Hangzhou, where Wang Xingxing, founder of Yushu Technology, delivered a keynote speech titled "From Machinery to Intelligence - The Evolutionary Theory of Embodied Future." Wang stated that the embodied intelligence industry may soon experience a critical breakthrough similar to that of ChatGPT. He believes that when robots can complete approximately 80% of tasks through voice interaction and embodied intelligence capabilities in about 80% of unfamiliar environments, the industry will enter a critical phase of large-scale application. He pointed out that the ability for robots to understand and execute specific tasks based on voice commands has already made breakthroughs last year, but the industry still faces a core technological bottleneck, namely the precise matching issue between artificial intelligence models and the real physical world. Wang noted that currently, robots still have a few millimeters of error during actual operations, which limits their stability and reliability in complex environments. "In the future, whoever can solve this problem will fundamentally resolve the issues with robots."

  • Swissquote Analyst Warns AI Narrative is a Core Pillar of US Stocks, Potential Break Could Trigger Significant Correction

    On September 25, Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, stated that broad market indices and retirement funds are now deeply tied to the AI wave, with technology stocks accounting for about 40% of the S&P 500 index. She pointed out that the market capitalization weight of just three chip manufacturers makes up over 25% of the MSCI Emerging Markets Index. Ozkardeskaya indicated that AI has become the 'core pillar' of the market, and this pillar 'must not show any cracks.' She believes that, in the short term, the US stock market will continue to be supported by seasonal factors, and the current market uptrend may extend until the end of the year. However, she also warned that the worst-case scenario would be a shake in the investment logic surrounding AI, which could undermine market confidence in the AI narrative, potentially triggering a significant market correction.

  • U.S. Stock Index Futures Turn Positive; Chip Stocks Rally in After-Hours Trading

    On September 25, U.S. stock index futures rose into positive territory, with Nasdaq futures up 0.36%. In after-hours trading, storage and semiconductor stocks saw widespread gains, with AMD, Intel, and SanDisk all rising by 2%.

  • NEAR Partners with Ondo to Launch 20 Tokenized US Stocks and ETFs

    On September 25, according to Cryptonews, NEAR Protocol and Ondo Finance have launched trading for tokenized US stocks and ETFs on near.com, with an initial offering of 20 assets including Nvidia, Tesla, Apple, Microsoft, Amazon, as well as SPY and QQQ. Eligible users can deposit using over 30 supported stablecoins or other crypto assets, with NEAR Intents serving as the cross-chain distribution layer, allowing similar assets to be routed to connected wallets and DeFi protocols in the future. Purchases are settled in USDon, which is backed 1:1 by US dollars in brokerage accounts, and completed via atomic swaps. This product is not available to US persons; the overall Ondo platform has launched over 100 assets, with NEAR initially offering only one-fifth of that.

  • Meta Achieves Best Monthly Performance Since 2013, Market Value Approaches $2 Trillion

    On September 25, Meta is experiencing a strong rebound driven by AI expectations, with the popularity of its personal AI assistant Muse serving as a significant catalyst for this rally. The company's stock had faced considerable pressure earlier this year, but it quickly rebounded in September. As of September 24, the stock price has risen approximately 36% this month, marking the strongest single-month performance since 2013, with its market value nearing $2 trillion, just about 1% away from this milestone.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company