XRP overtakes USDT, Solana, claims spot as third-largest cryptocurrency - UPDATED

The cryptocurrency market is buzzing after XRP, the token powering Ripple’s ecosystem, reportedly surged beyond $2, solidifying its place as the third-largest cryptocurrency by market capitalization.

With a market cap exceeding $135.37 billion, XRP has overtaken the USDT stablecoin ($134.17 billion) and Solana ($108.01 billion), reigniting discussions about its potential to challenge Ethereum's dominance, News.Az reports, citing foreign media.

At the time of writing, XRP is trading at $2.37, marking a remarkable 25.57% increase since Monday's session began.

Speculation is rife about XRP's trajectory, with enthusiasts suggesting it could rival Ethereum (ETH), whose market cap currently stands at $441.46 billion. Adding to the buzz, a recent meeting between Cardano founder Charles Hoskinson and Ripple CEO Brad Garlinghouse has captured attention, along with rumours of Garlinghouse being considered for a role as Donald Trump's potential crypto czar. Such a development could further bolster XRP's standing, especially given Trump's reported pro-crypto stance, Beincryto reported.

XRP's resurgence aligns with renewed scrutiny of Ripple's ongoing legal battle with the U.S. SEC. The lawsuit, which began in December 2020, has subjected XRP to intense market and regulatory pressures. Despite these challenges, XRP has regained its pre-lawsuit valuation, evoking memories of its dominance before the SEC's 2018 classification of Bitcoin and Ethereum as non-securities following the pivotal Hinman speech.

The Ripple case has unveiled internal SEC debates through the so-called "Hinman emails," revealing disagreements over the speech's implications for other cryptocurrencies. While these revelations have fueled market optimism, XRP's regulatory status remains unresolved, with legal analysts predicting the case could stretch into July 2025.

News.Az