XRP Overtakes USDT as Third Largest Crypto

The market capitalization of XRP has surpassed Tether’s stablecoin, making it the world’s third-largest cryptocurrency after Bitcoin and Ether. XRP, which is closely associated with Ripple Labs, currently has a market cap of $141.8 billion, surpassing USDT’s $134.5 billion.

Within the past 24 hours, the price of XRP has surged by 30% to over $2.4. Over the past month, it has risen by 364.1%. This recent surge in XRP comes after it surpassed Solana’s market cap this past weekend.

At the time of writing, Bitcoin has climbed more than 1.30% to trade at almost $98,000, while ether has gained 0.68% to sit at $3,721. Meanwhile, Solana has experienced a slight decrease of 0.96% and currently trades at $235.84.

According to Peter Chung, the head of research at Presto Research, the recent strength of XRP could be attributed to the news that the New York Department of Financial Services is close to approving Ripple’s stablecoin RLUSD.

There are reports that Ripple is eyeing a possible launch date of December 4 for RLUSD, as reported by Fox News on Friday citing sources familiar with the matter.