XRP Overtakes USDT to Secure the Number Three Spot

In a surprising turn of events, XRP has managed to overtake USDT in the market cap rankings, securing the #3 position in the process.

At the time of writing, XRP’s market cap has already surpassed $151 billion, flipping USDT’s market cap of about $149 billion. This flip comes after a 23% rise in the cryptocurrency’s valuation through this past week.

Pulling this feat for the third time this year, sentiments about XRP solidifying this stance and making it a norm are now becoming stronger. Many crypto analysts are already predicting XRP could continue with this momentum. According to Lark Davis on X, there’s a chance of XRP maintaining the rally to $4.40. If this happens, Ethereum could become XRP’s competitor instead of USDT.

When XRP breaks out of this triangle it is going to make a massive move!

Upside target is around $4.40 based on the triangle. Which lines up with the Fibonacci using the Jan high and the April low.

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On the other hand, rumors have it that BlackRock’s reported interest in pushing for an XRP ETF is currently being put on the table for discussion during the 4th round table meeting on crypto regulation hosted by the United States’ SEC.

During the meeting, financial giants such as BlackRock, Fidelity, and Invesco US were also present at the gathering, according to reports.

It is rumored that BlackRock is actively evaluating an XRP ETF filing. If confirmed, BlackRock would become the fifth major institution to show interest in such a product, following WisdomTree, Bitwise, Canary Capital, and 21Shares.

An XRP ETF filing from BlackRock would be a watershed moment for Ripple and the XRP community, potentially opening the door to billions in institutional capital and significantly strengthening the case for XRP’s long-term price appreciation.

However, it is important to note that USDT’s spot as the largest stablecoin has been unaffected and continues to hold its place ahead of Coinbase’s USDC.

On the other hand, XRP’s Ripple Labs native stablecoin, RLUSD, has seen some movement, rising to $317 million, up from $108 million three months ago and $294 million just last month.

While the token didn’t react directly to XRP’s price increase, this growth does highlight a broader trend of increasing stablecoin utility within Ripple’s ecosystem.