XRP replaces Tether and becomes the third largest cryptocurrency in the world as prices rise

XRP, the native token used in Ripple’s payment system, has jumped to third place in the market capitalization rankings, overtaking established stablecoin Tether.

According to CoinGecko data, the asset is up more than 71% this week to $2.47 and another 367% over the past 30 days. The asset before Solana turned around for fourth place late Sunday.

Ripple Labs’ case against the US Securities and Exchange Commission has been the focus of investor attention, helped by its chairman Gary Gensler’s decision to resign on January 20.

Gensler’s departure, which was derided by the crypto community for his heavy-handed approach to regulation through litigation, provides new optimism for a friendlier approach to the industry.

The SEC initiated a lawsuit against Ripple Labs for securities violations in December 2020 under then-Chairman Jay Clayton. Gensler succeeded Clayton as SEC chairman in April 2021 and continued to pursue the case against Ripple.

While the Ripple company uses the XRP token in its payment and settlement products, the token operates independently on its own ledger.

Still, that hasn’t stopped investors from speculating about what they believe will be a likely end to the agency’s case against Ripple.

Despite the challenges, the prospect of a change in regulatory leadership has bolstered investor optimism and fueled speculation that XRP could gain traction for financial applications such as spot exchange-traded funds.

XRP is still about 27.6% below its all-time high of $3.40 reached in January 2018, but it is now closer to that level than it has been in almost seven years. Decipher previously reported.

Meanwhile, other top cryptocurrencies continue to rise after profit-taking last week and the price of leading digital asset Bitcoin fell.

In the last 24 hours, Cardano (ADA) is up around 10%, while other top cryptocurrencies including Shibu Inu (SHIB) and Stellar (XLM) are up 8% and 13%, respectively.

In the last 24 hours, Cardano (ADA) is up around 10%, while other top cryptocurrencies including Shibu Inu (SHIB) and Stellar (XLM) are up 8% and 13%, respectively.