- XRP is now the third most valuable digital asset by market capitalization trading at $2.42 per token
- Over the last 7 days, XRP gained 13.46% in value with its market capitalization increasing by over $20 billion
- Recent developments in Asia have boosted investor optimism leading to XRP surpassing Tether’s market capitalization
Now the third most valuable digital asset by market capitalization, Ripple Labs’ XRP has once again surpassed USDT in the rankings. The currency is currently trading at $2.42 per token, boasting an increase of 1.12% throughout the day.
Longer timeframe charts reveal an even more optimistic outlook on the recent performance of XRP. Over the last 7 days, the asset gained a whopping 13.46% in value. During that same period, its market capitalization gained over $20 billion in value, currently sitting at a total of $141.12 billion.
This most recent surge led the currency to surpass Tether’s $137 billion market capitalization, cementing the currency once again as the third most valuable digital asset out there. Since early December, XRP and USDT have been going toe to toe to maintain the third-place position. While the end of the year market retraction made it look like XRP would lose the race, recent developments in Asia have boosted investors’ optimism toward the project.
A couple of days ago we reported how up to 80% of the Japanese banking sector was likely to adopt XRP as a way to facilitate cross-border payments via the XRP ledger. At the time of this report, XRP traded at $2.17 — only a couple of days after the asset had already gained 11.52% in value, proving how confident the market is on the new probable deal between Ripple Labs and Japanese banks.
Can XRP Regain The $2.90 Zone?
This week’s surge in value has led the asset to recover the $2.40 zone. Prior to the retraction seen from December 18 until December 30 led the asset to go as low as $2.02.
The current zone XRP trades at has historically been a “make or break” margin, serving as both support and resistance even during 2018’s historic rise to $3.32. Looking ahead, the currency could be positioning itself for another major rally later down the month, as major developments in the U.S. Government unfold.
On January 20, Donald Trump will take office as the next United States President. His electoral win on November 5th has positively affected the cryptocurrency market, with many attributing the Republican’s victory to new hopes of a more crypto-friendly American government.
Moreover, on the same date, the currency SEC Chair Gary Gensler will step down from the position. This is arguably an even more impactful event than Trump’s inauguration as Gensler has often been viewed as a great rival to cryptocurrency development in the nation.
XRP was among the cryptocurrencies that gained the most value since the election, mostly because of its public antagonism towards Gensler. Once the current SEC Chair resigns, investors can expect a lot of volatility in the market, particularly for Ripple Labs’ currency.
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