XRP Overtakes Tether to Become 3rd-Largest Crypto as Bitcoin Faces Resistance at $100K
XRP has surged by over 20% in just 24 hours, climbing past Tether (USDT) to take the position of the third-largest cryptocurrency by market capitalization.
The payments-focused digital asset has seen an astounding 375% increase over the past 30 days, reaching $2.40, according to CoinDesk data. This meteoric rise has propelled XRP’s market cap to a remarkable $139 billion, surpassing USDT and placing it firmly in the top three.
“This surge in XRP is signaling renewed interest from retail traders and investors,” said Mena Theodorou, co-founder of the crypto exchange Coinstash. “Factors such as speculations about the approval of a Ripple-issued stablecoin, trends on platforms like TikTok, and growing conversations around an XRP ETF are all contributing to this momentum.”
Trading volume for XRP has skyrocketed globally. South Korea’s largest crypto exchange, Upbit, recorded a staggering $4 billion in XRP-Won trading volume in the past 24 hours, which accounts for over 27% of the platform’s total trading activity, according to Coingecko data.
This market activity comes amid a significant policy shift in South Korea, where the government has postponed the implementation of a crypto capital gains tax until 2027. “This delay removes a major impediment to speculative trading, providing a boost for the entire crypto sector,” noted Markus Thielen, founder of 10x Research.
Bitcoin Struggles to Break $100K Resistance
As XRP rises, bitcoin (BTC) continues to face resistance near the $100,000 level. After touching $96,000, BTC has failed to break past the $100,000 threshold, remaining in a range between $90,000 and $100,000 for the past two weeks.
A large sell wall of $384 million worth of bitcoin is preventing a breakout. “Bitcoin needs substantial buying pressure to overcome this resistance and clear the sell wall in order to reach new highs,” said Valentin Fournier, an analyst at BRN.
Additionally, bitcoin’s dominance in the market has declined, with its share dropping from 61.5% to 56.5% since mid-November. This shift suggests that investors are rotating funds into altcoins like XRP, which has been gaining traction during this period.
“As bitcoin struggles to maintain momentum, the spotlight is shifting toward altcoins, which are benefiting from increased liquidity and investor interest,” Fournier added.
XRP’s remarkable rally is a clear indication that altcoins are gaining significant market share, even as bitcoin faces challenges at its psychological price level.
