XRP Tumbles Out of Crypto Top 3 as USDT Seizes Third Spot Amid Sharp Decline
XRP just got demoted. The once-dominant cryptocurrency got knocked clean out of the top three by Tether's USDT following a brutal price slide—another reminder that in crypto, today's king is tomorrow's court jester.
Market Shakeup
USDT didn't just climb—it bulldozed its way past XRP, capitalizing on the latter's sharp downturn. Stablecoins aren’t supposed to be this exciting, but when volatility hits, everyone flocks to the safe harbors, even if they’re just digital dollars wearing a crypto mask.
Volatility Strikes Again
XRP’s drop wasn’t a gentle dip—it was a nosedive. No surprise here; the crypto elite rarely stay comfortable for long. Tokens rise, tokens fall, but stablecoins? They just keep quietly printing, backed by the 'trust us, we’re good for it' promise of reserves.
Finance’s Ironic Twist
Nothing says 'healthy market' like a stablecoin—pegged to the dollar and immune to crypto’s mood swings—overtaking an asset that’s supposed to, you know, actually appreciate. Guess sometimes boring wins—especially when the 'innovators' are busy tanking.
Recall that XRP skyrocketed to a new all-time high of $3.65 in mid-July after it broke out of its consolidation phase at around $2.2. Since then, though, the asset has failed to maintain its run and has frequently dropped below the crucial $3 support line.
The past 24-36 hours were not kind to the entire cryptocurrency market, and XRP was not spared. As BTC dumped to a seven-week low, Ripple’s cross-border token followed suit and slipped to $2.73 for the first time since August 3.
Despite recovering some ground to trade at just over $2.8 as of press time, XRP is still 4% down on the day and 6% weekly.
Ripple has also lost traction on the global assets’ scale. The company and its token, which had entered the top 100 assets by market cap after the July rally, have now dropped out of that prestigious club and are down to the 121st spot, according to 8marketcap.
Although Ripple is still above the likes of Sony, Airbus, Allianz, and Accenture, it has lost positioning to Charles Schwab, BlackRock, and Xiaomi.
Despite the current drawback, multiple community members and analysts believe XRP still has a long way to go this cycle, and here are some of the most optistic price predictions.
