XRP (CRYPTO: $XRP) has surged more than 20% in the past 24 hours to replace Tether’s USDT %Stablecoin as the world’s third-largest %Cryptocurrency by market value.
XRP (XRP) has been steadily rising in recent weeks and its gains have continued even as the price of Bitcoin (BTC) has pulled back after climbing close to $100,000 U.S.
XRP, which is a payments-focused cryptocurrency, has now risen 375% in the past 30 days to trade at $2.43 U.S.
The meteoric rise has lifted XRP’s market capitalization to $139 billion U.S., replacing USDT, which is the leading dollar-pegged crypto stablecoin.
XRP is now the world’s third-largest digital asset by market value after Bitcoin and %Ethereum (CRYPTO: $ETH). XRP’s trading volumes have surged globally in recent days.
Upbit, South Korea’s biggest crypto exchange, registered a record $4 billion U.S. of trading volume in XRP in the last 24 hours alone.
The record activity in the XRP market comes after South Korea’s government backtracked on a plan to impose capital gains taxes on crypto, delaying imposition of the tax by two years.
At the same time, Bitcoin’s price continues to fall after nearing the $100,000 U.S. milestone. The leading cryptocurrency is currently trading at $95,600 U.S., having risen 116% this year.