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XRP has claimed the third spot in global cryptocurrency rankings, surpassing Tether’s USDt by reaching a market cap of $138.98 billion on January 3rd. This leap comes as USDt’s market cap saw a significant decline of $1.6 billion since December 30th. The introduction of the EU’s Markets in Crypto-Assets Regulation (MiCA), which imposes stringent requirements on stablecoin reserves and licensing, coincides with these shifts.
Currently trading at $2.43 with a nearly 280% annual increase, XRP’s momentum is palpable. This rise is partly fueled by positive market reactions to potential pro-crypto policies anticipated from the newly elected U.S. administration. Additionally, market excitement is building around the prospect of an XRP-focused exchange-traded fund (ETF), with several firms including WisdomTree applying to launch such products.
As XRP experiences this significant growth, Tether’s dominance in the stablecoin sector remains strong despite recent regulatory challenges and competitive pressures. This indicates a robust ongoing interest and reliance on stablecoins within the cryptocurrency ecosystem.
