XRP on the podium. The market for cryptocurrencies has been in turmoil for several months. Thus, the tokens are engaged in a merciless battle to win third place on the podium behind Bitcoin and Ethereum. After briefly passing theUSDT of Tether at the beginning of December, the XRP from Ripple once again took third place.
- Ripple’s XRP briefly outperformed Tether’s USDT, reaching third place in the cryptocurrency market in terms of capitalization.
- The removal of USDT from Coinbase Europe, due to its alleged non-compliance with the MiCA regulation, coincided with the fall in its capitalization.
XRP vs USDT: a duel that is not new
Since the start of the year, the cryptocurrency market has been booming. So that the capitalizations of different tokens evolve rapidly.
Last November, the Ripple’s XRP surpassed Tether’s USDT to become the third most capitalized cryptocurrency on the market. However, this situation was only short-lived. Indeed, USDT quickly regained its place, leaving XRP in fourth position.
Ripple passes Tether again
Thus, the XRP surpassed USDT once again. Ripple’s token briefly took third place in the market with a capitalization of $139 billion.
For its part, USDT has seen its capitalization fall by $1.6 billion since December 30. A decline which coincides with the implementation of MiCA in Europe.
Indeed, remember. On December 13, Coinbase Europe announced the removal of USDT from its platform.
Ripple: a major player in the ecosystem
For its part, Ripple and its XRP continue to develop its activities. So, on December 17, the company unveiled its stablecoin, Ripple USD (RLUSD). The latter is backed by the US dollar and has been deployed on the Ripple Payments network.
For its part, Tether is suffering the blow and is recovering from the application of the MiCA regulation in Europe which has somewhat shaken its status as a leading stablecoin in the sector.
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