XRP Surges Past USDT: Can It Dethrone Ethereum Next?

Ripple’s XRP has surpassed Tether (USDT) as the third-largest cryptocurrency by market capitalization.  This is a somewhat unexpected turn of events. As Bitcoin surpasses $118,000, XRP’s bullish momentum may indicate that the crypto hierarchy will alter.

What is driving the price of XRP higher?

The recent spike in XRP’s price can be attributed to increased investor confidence in the company’s ongoing legal battle with the SEC.  The crypto industry is keeping a tight eye on Ripple as it approaches a potential positive outcome, which might lead to more institutions adopting it. At the same time, the market got more optimistic following Bitcoin’s breakout to new highs, which aided altcoins such as XRP.

Ethereum Under Attack

XRP is presently in third place and pursuing Ethereum. The utilitarian focus of XRP contrasts sharply with Ethereum’s DeFi and NFT-heavy environment.  This is due to an increase in the number of people using RippleNet for cross-border payments, as well as the expansion of RippleNet collaborations worldwide.   According to CoinDesk analysts, if XRP continues on its current trajectory, it may soon challenge Ethereum’s dominance, particularly if ETH experiences scaling issues with the Dencun update.

According to LunarCrush and other social media mood trackers, XRP is one of the most often discussed commodities on platforms such as Twitter and Reddit. XRP has gotten the momentum it requires to climb the ranks as a result of natural growth and interest from institutional investors in Asia-Pacific economies.

As the whole crypto market improves, XRP’s utility in the real world and increased legal clarity may position it to not just compete with Ethereum, but also reshape the structure of the crypto elite.

Also read: Cardano’s Brave Rise: Why ADA Might Be Ready for a $0.87 Rally