XRP overtakes USDT as third-largest crypto after 10% price surge in 24 hours

Key Takeaways

XRP’s price surged by 10% to $2.6, overtaking USDT as the third-largest crypto asset.
Ripple is expanding its institutional presence through acquisitions and strategic partnerships.

XRP has surged 10% over the past 24 hours to reach $2.6, lifting its market capitalization to approximately $152 billion and reclaiming its position as the third-largest crypto asset, CoinGecko data shows.

The surge narrowly pushed Ripple’s flagship currency ahead of Tether’s USDT, which also achieved a major milestone. USDT’s market cap hit $150 billion for the first time on Monday, cementing its role as the leading and most widely used stablecoin in the crypto ecosystem.

XRP is now trading at its highest level since early March, though the digital asset remains about 24% below its all-time high of $3.4, set in January 2018.

This isn’t the first time XRP has climbed to the third spot in market rankings. Last December, the crypto asset reached a market capitalization of over $140 billion, surpassing Tether and Solana to become the third-largest cryptocurrency by market value.

At the time, the rally was driven by optimism over a US election outcome seen as favorable to local crypto initiatives, along with speculative interest in the potential approval of spot XRP ETFs.

Those same catalysts have once again reignited bullish momentum. Last Friday, Ripple and the SEC announced a joint motion to settle their years-long legal dispute for $50 million.

The agreement, pending court approval, would allow Ripple to recover $125 million currently held in escrow, while upholding the court’s prior ruling on XRP sales.

Apart from its ongoing attempts to resolve the case, Ripple has also made headlines for its recent push to expand its footprint in institutional finance and the stablecoin market.

In April, the company reached an agreement to acquire Hidden Road, a multi-asset prime broker, for $1.25 billion. The acquisition aims to strengthen Ripple’s financial services offerings, with Hidden Road planning to transfer its post-trade activities to the XRP Ledger.

Also last month, Ripple reportedly made a bid between $4 billion and $5 billion to acquire Circle, the USDC stablecoin issuer. However, the offer was ultimately rejected by Circle, which deemed the valuation undervalued in light of its upcoming IPO.