Ripple’s XRP has overtaken Tether’s USDT to secure the number three spot in a new development. The crypto asset is now behind Bitcoin and Ethereum as the third most valuable cryptocurrency by market capitalization.
At the time of writing, XRP’s market cap has surpassed $151 billion. This flipped USDT’s market cap of about $149 billion, thanks to a 23% rise in the cryptocurrency’s valuation over the past week.
Having pulled this feat for the third time this year, sentiments about XRP solidifying this stance and making it a norm are becoming stronger. Many crypto analysts predict that the XRP price could continue with this momentum. According to Lark Davis on X, XRP could maintain the rally to $4.40. If this happens, Ethereum could become XRP’s competitor instead of USDT.
BlackRock Rumored Interest For An XRP Spot ETF
During the 4th round table meeting on crypto regulation hosted by the United States’ SEC, the talks reportedly included financial giants such as BlackRock, Fidelity, and Invesco US. It has been rumored that BlackRock’s reported interest in pushing for an XRP ETF is currently being put on the table for evaluation.
While unconfirmed, rumors suggest that BlackRock is actively evaluating an XRP ETF filing. If confirmed, BlackRock would become the fifth major institution to show interest in such a product, following WisdomTree, Bitwise, Canary Capital, and 21Shares.
An XRP ETF filing from BlackRock would be a watershed moment for Ripple and the XRP community. It could potentially open the door to billions in institutional capital and significantly strengthen the case for XRP’s long-term price appreciation.
USDT as Most Dominant Stablecoin
It is important to note that USDT’s spot as the largest stablecoin by market cap has been unaffected and remains ahead of Circle’s USDC.
On the other hand, XRP’s Ripple Labs native stablecoin, RLUSD, is at $317 million, up from $108 million three months ago and $294 million just last month. Though the token didn’t react directly to XRP’s price increase, this growth indicates a trend of increasing stablecoin utility within Ripple’s ecosystem.
To maintain its new position, XRP will need to sustain momentum and break through key resistance levels. “When XRP breaks out of this triangle,” says Lark Davis, “it’s going to make a massive move.” Whether that move takes XRP to $3 – $4.40 or back below $2.50 will depend on technical performance. However, regulatory clarity in the coming future will also be important.
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