XRP has experienced a significant downturn, losing its position in the top three cryptocurrencies by market capitalization. Tether's USDT has now ascended to the third spot, reclaiming a position it held previously. This shift occurs amidst a broader market slump that has affected major digital assets, including Bitcoin.
Key Takeaways
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XRP has fallen out of the top three cryptocurrencies by market cap.
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Tether's USDT has moved into the third position.
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XRP experienced a sharp decline, trading below $2.8.
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The cryptocurrency has also dropped in global asset rankings.
XRP's Market Cap Decline
Ripple's native cryptocurrency, XRP, has seen a notable decline in its market capitalization, leading to its displacement from the third position. Tether's stablecoin, USDT, has capitalized on this downturn, moving back into the coveted third spot. USDT's market cap has reportedly grown to over $167 million.
Recent Price Performance
Following a surge to an all-time high of $3.65 in mid-July, XRP has struggled to maintain its momentum. The digital asset has frequently traded below the critical $3 support level. In the past 24-36 hours, XRP mirrored a broader market downturn, dropping to $2.73, a level not seen since early August. Despite a slight recovery to just over $2.8, XRP remains down 4% for the day and 6% weekly.
Global Asset Ranking Drop
Beyond its position within the crypto market, XRP has also lost ground in the global asset rankings. After entering the top 100 assets by market cap following its July rally, XRP has now fallen to the 121st spot. While still ranking above established companies like Sony and Airbus, it has been surpassed by financial giants such as Charles Schwab and BlackRock, as well as tech firm Xiaomi.
Future Outlook
Despite the current price correction and ranking slip, many within the XRP community and among market analysts remain optimistic about its future performance. There is a prevailing sentiment that XRP has significant potential for growth later in the current cycle, with several optimistic price predictions circulating.
Sources
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XRP Knocked Out of Top 3 by USDT Following Sharp Drop, CryptoPotato.
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XRP Knocked Out of Top 3 by USDT Following Sharp Drop, MEXC.
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XRP Knocked Out of Top 3 by USDT Following Sharp Drop, MEXC.
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