XRP dethrones USDT, now ranked third largest crypto

XRP has regained its place as the third largest cryptocurrency by market capitalization and is behind Bitcoin and Ethereum.

According to data from crypto.news, XRP market capitalization is approaching the $140 billion threshold. The token is already $2 billion more than stable coin issuer Attached whose market capitalization is approximately $137 billion.

XRP has gained nearly 15% over the past seven days and is up nearly 350% over the past year.

Ripple is recent rally has been going on for three days. This rise could be linked to Ripple Labs’ recent issuance of a US dollar-backed stablecoin, Ripple USD (RLUSD), which was launched last December.

There is also speculation that Securities and Exchange Commissionunder pro-crypto chairman Paul Atkins, could approve an XRP exchange-traded fund. So far, tree of wisdom And Bitwise are among the companies vying to launch an XRP-based fund.

As XRP gained momentum, Tether’s market capitalization declined by $1.6 billion, coinciding with the rollout of regulation of European Union crypto-asset markets. On January 2, Tether lost 1.2% of its market capitalization after Mica came into force on December 30.

Tether has yet to recover from its $140 billion peak. December 13, Coinbase announcement this would remove Tether from its lists due to the stablecoin’s non-compliance with MiCA regulations.

However, some experts believe that Tether could still make a comeback. About 80% of USDT trading volume comes from Asia, according to previous reports by crypto.news. This dominance in the Asian market could help Tether offset its losses in the EU by boosting trading activity in the region.