XRP’s Recent Rally

XRP’s recent rally, partly driven by news of the Ripple case conclusion, is pushing the asset to new highs, potentially shaking up cryptocurrency rankings by market capitalization.

XRP vs. Tether

If the current trend persists, XRP may soon surpass Tether to become the third-largest digital asset by market cap, following Bitcoin (BTC) and Ethereum (ETH).

As of March 25, Tether’s market cap was at $143.78 billion, while XRP’s stands at $141.45 billion, a difference of just $2.33 billion based on data from CoinMarketCap.

Significance of Surpassing Tether

Surpassing USDT might not hold much importance, as it is a stablecoin influenced by supply and demand rather than organic market growth. Tether primarily provides liquidity and hedges against volatility, not serving as an appreciating asset.

For XRP to achieve meaningful progress, it must exceed assets like Ethereum, whose market cap is at $249.03 billion. Reaching this milestone would indicate increased adoption and price appreciation.

Most of XRP’s current market cap inflow occurred over the last year, contributing to a $100 billion increase. The XRP community is optimistic about continued growth, especially as its legal battle with the U.S. Securities and Exchange Commission (SEC) approaches resolution. However, recent case developments have caused volatility, and XRP is struggling to surpass the $3 psychological barrier.

Critics argue that regulatory uncertainty caused XRP’s long consolidation below $1, despite political changes perceived as bullish for digital assets.

XRP Price Analysis

Currently, XRP is trading at $2.45, gaining about 0.17% in the last 24 hours. Over the past week, the asset has increased nearly 10%.

Technical analysis by a pseudonymous expert, Dark Defender, suggests that XRP is poised for more upside, targeting $2.75 as the next key level. Minor resistance is noted at $2.55, while support at $2.42 could maintain bullish momentum.

A breakout above these levels may lead to a significant rally toward $5.85, according to Fibonacci extension levels and wave structure analysis. Although XRP’s price trends align with a generally suppressed crypto market, the sentiment around the asset remains bullish, backed by a 50-day simple moving average (SMA) of $2.39 and a 200-day SMA at $1.72, indicating an upward trend.

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