XRP Soars Past Tether, Claims 3rd Place as Bitcoin Struggles Near $100K Barrier
XRP has surged over 20% in the past 24 hours, dethroning Tether’s USDT to become the third-largest cryptocurrency by market capitalization.
The payments-focused cryptocurrency has seen an incredible 375% rally over the past month, climbing to $2.40, according to CoinDesk data. This meteoric rise has pushed XRP’s market cap to $139 billion, eclipsing Tether and intensifying its dominance in the market.
“This remarkable comeback for XRP is reverberating across the crypto space, signaling a resurgence of retail interest,” said Mena Theodorou, co-founder of Coinstash, in an email. “Speculation surrounding a Ripple-issued stablecoin, XRP-related TikTok trends, and the possibility of an ETF are fueling excitement.”
Global trading volumes for XRP have exploded. South Korea’s largest crypto exchange, Upbit, recorded $4 billion in XRP-won pair trading in the past 24 hours, representing over 27% of the platform’s total activity, as per Coingecko.
The surge also coincides with South Korea’s recent decision to delay a planned crypto capital gains tax until 2027. “This delay removes a major obstacle for speculative trading and could spur another wave of aggressive crypto market activity,” noted Markus Thielen, founder of 10x Research.
Bitcoin Faces Resistance at $100K
Meanwhile, bitcoin (BTC) has faltered at the $100,000 psychological level. After dropping 1% to $96,000, the leading cryptocurrency remains trapped in a $90,000-$100,000 range.
Bitcoin’s struggle stems in part from a massive $384 million sell wall that needs to be cleared before further upward momentum can occur, said Valentin Fournier, an analyst at BRN.
“Profit-taking and a resistance wall of over 4,000 BTC are holding back further gains,” Fournier explained. “Although market sentiment remains bullish, breaking through $100K will require significant inflows to overcome this sell pressure.”
Additionally, bitcoin’s dominance in the crypto market has declined from 61.5% to 56.5% since November 21, as traders increasingly shift capital toward altcoins like XRP.
“Bitcoin dominance breaking below its uptrend signals a broader market rotation into altcoins, driven by increased liquidity and speculative interest,” Fournier added.
As bitcoin battles resistance, XRP’s rally underscores the altcoin market’s renewed vitality, with traders capitalizing on shifting trends and emerging opportunities.
