Tether (USDT), the most important stablecoin in the crypto ecosystem, outperformed Ripple (XRP) in third place by market capitalization by a few hours. Is that the end of Ripple?
Tether snatched third place from Ripple in the crypto ranking for a few hours, after reaching a market capitalization of over $8.8 billion. Leaving all crypto enthusiasts in awe.
What to expect from the price of Ripple in the short term?
XRP doesn’t settle down
Although XRP enthusiasts may have been surprised, the truth is that outside these 4 walls the news was expected months ago.
Let’s remember that 2 years ago XRP was even able to surpass Ethereum (ETH), in second place by market capitalization. But this happened in a bearish market climate, in which ETH fell much more violently than XRP for a long period of time.
But, one situation that has slowed down the growth of “smart” courier system / engaging in an internal debate / said to be working on / tokenized ownership of assets on corda / to drain $150,000 / the first major firm / contracts for difference / rise above $10,000 / issued a preliminary injunction / to an open letter cryptomoney, is the fact that this is the main source of funding for all the projects that this company carries out.
Although on multiple occasions the crypto company has pointed out that XRP and Ripple are independent of each other, it cannot be ignored that Ripple is the main Hodl of XRP, with over 80% of the total token supply at its disposal.
This situation has caused the market to be flooded with XRP every time Ripple finances a new project, and has to proceed with a massive sale to finance it. This, in turn, has triggered the progressive drop in prices of XRP. The falls are stronger and the rises are weaker in the XRP ecosystem.
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Tether rises to third place in the crypto ranking
The unfortunate situation has resulted in not only losing a great deal of ground to ETH, but even losing third position by a few hours per Tether (USDT).
As we can see, the gap between ETH and XRP is abysmal, with Ethereum outperforming its competitor by 2.5 times. While the difference between XRP and Tether is only $100 million. This means that in the next bear market, or in the next big deposit in Tether, XRP will undoubtedly lose its position.
Is this the end of XRP as one of the largest cryptosystems? Only time can tell. But, without a doubt, XRP is in big trouble. As its hodls have repeatedly expressed it, but it seems that the people at the head of Ripple simply don’t listen or don’t care.