Cryptocurrency XRP momentarily usurps Tether (USDT) in market value, attributed to a dramatic increase in daily trading volume, surging up to 100%.
Here's the rewritten article:
In a Bold Shift, XRP Overtakes USDT, Dominating the Crypto Landscape
When the dust settled, XRP found itself proudly perched as the third-largest cryptocurrency by market cap, triumphantly overthrowing USDT. This powerhouse position was sustained for over an hour before USDT clawed its way back.
Even though it's clear where the market cap came from, pinpointing the exact motivations of the traders is like a thrilling detective story. The SEC finally wrapped up their legal tussle with Ripple last week, but the real action began early this morning.
📈 XRP's Market Cap Surges Towards $150 Billion
Placing their bets on Ripple after the SEC vs Ripple case closed shop, investors have been witnessing an exciting rollercoaster ride. Not only did XRP experience a jaw-dropping price hike, but it also reveled in an increase in trade volume.
In a whopping 24-hour period, XRP's trade volume spiked by over 100%, securing it a spot above USDT in the crypto hierarchy.
It's quite a feat for XRP to dethrone USDT's market cap, especially when you consider the ongoing boom in the stablecoin sector. However, data analysis suggests that the outsized impact of trade volume played a significant role in XRP's ascent.
According to analysts, a rather modest volume boost was the secret ingredient that caused XRP's market cap to soar:
Translation: A small but impactful increase in trade volume was the primary factor behind XRP's market cap explosion.
So, while the SEC case came to a close last week, most of this impressive 107% increase in trade volume took place this morning. Conspiracy theorists might wonder if a large trader or even a secret cabal/cult of traders made this move, adding fuel to the speculation fire.
Regardless, this volume spike was a force to be reckoned with, but it lacked the underlying stability to maintain the top spot. By the early afternoon, USDT reclaimed its position as the third-largest cryptocurrency by market cap.
As dust settles, positive developments continue to intensify the optimism surrounding the altcoin. Reports suggest that Missouri, the Show Me State, might become the pioneer in exempting digital assets like Bitcoin and XRP from capital gains tax.
Such groundbreaking decisions and ongoing market optimism could entice more traders to hold 'Made in USA Coins', with XRP leading the charge.
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- XRP, a popular cryptocurrency, surged towards a market cap of $150 billion, outperforming USDT, following the conclusion of the SEC vs Ripple case.
- The substantial increase in XRP's trade volume, which rose by over 100% in a 24-hour period, played a significant role in its market cap surge.
- Analysts suggest that a minor but impactful boost in XRP's trade volume was the primary factor behind its market cap explosion.
- Despite USDT eventually reclaiming its position as the third-largest cryptocurrency by market cap, the altcoin's performance continues to generate optimism in the crypto investing community.
- As Missouri contemplates exempting digital assets like Bitcoin and XRP from capital gains tax, there's speculation that more traders might invest in 'Made in USA Coins', with XRP potentially leading the charge.