XRP Flips Tether (USDT) to Become the Third-Largest Cryptocurrency by Market Cap

XRP has flipped Tether (USDT) to occupy the third position on CoinMarketCap's market capitalization list. XRP has a market cap of $153.44 billion

Investors pulled back some interest from Tether (USDT) and channeled it into cross-border payments token, XRP.

As a result, XRP has flipped the stablecoin to occupy the third position on CoinMarketCap’s market capitalization list. XRP has a market cap of $153.44 billion, with its price at $2.62 at press time.

This change highlights the increased confidence of investors in the crypto token and also low demand for stablecoins amid revived market volatility.

Data from CoinMarketCap shows that USDT’s market cap slipped to $150.32 billion as XRP overtook it.

XRP’s circulating supply stands at 58.55 billion tokens, slightly below its total issuance of 99.98 billion.

Here’s a look at the latest price analysis, on-chain trends, and futures outlook for XRP:

Price Action Analysis and XRP Price Trends

XRP’s price increased by 22.78% over the past seven days, rising from a range of $2.05 to $2.62. In the last 24 hours, the token has been up by 3.54%, indicating continued buying pressure.

Trading volume surged during the upward move, suggesting strong investor participation. Meanwhile, the relative strength index (RSI) stands at 66, indicating bullish moves that have yet to enter overbought territory.

The moving average convergence divergence (MACD) line crossed above its signal line, and the histogram displays expanding positive bars last week, suggesting strengthening bullish momentum.

XRP found firm support around $2.40, while traders are now eyeing the $2.70–$2.75 zone as the next resistance area.

Breaking through that barrier could pave the way for a move to $2.80 or higher. However, if XRP fails to break through that zone, it may trigger a pullback toward established support.

Moreover, on-chain analytics are displaying an increase in active addresses and transfer volumes.

According to blockchain analytics firm, Santiment, there has been a 15% increase in daily active accounts over the past week. This increment suggests a heightened level of interaction with the XRP ledger.

Additionally, on-chain analytics firm Whale Alert has been tracking several transactions of over 10 million XRP.

Whale movements often indicate significant price changes and traders are encouraged to monitor them in-depth.

Ripple Lawsuit Developments and XRP Futures Outlook

The U.S. Securities and Exchange Commission and Ripple have filed a joint motion seeking a $50 million settlement of their lawsuit over the classification of XRP.

According to the filing in a federal court in Manhattan, the agency and the cross-border payments network would also create a fund to support investors who suffered losses due to any violations of securities law.

The SEC and Ripple are proposing a settlement that would see the agency return $75 million of the initial $125 million held in escrow.

Moreover, the settlement would see the creation of a fund to support investors who may have suffered losses due to any violations of securities law.

However, experts caution that the settlement is still subject to approval by the court, which could delay the final resolution of the case.

After a brief beta-page leak, CME Group is set to launch XRP futures contracts on May 19.

Despite the firm’s attempt to downplay the leak, its roadmap for launching new futures markets remains unchanged.

Futures markets are typically dominated by institutional players who are seeking to hedge or engage in speculation.

It’s worth noting that Bitcoin began its rally after CME launched its futures in 2017. Although past trends do not guarantee future outcomes, the introduction of XRP futures could spur new demand for the token.

Furthermore, several applications for a spot exchange-traded fund (ETF) are still pending regulatory approval, which could influence future institutional flows.