Regularly buried and given for dead by the crypto community, the XRP has just shown that it still has some in its belly. Ripple’s assets are up three figures over the week and are once again competing with rival Tether (USDT).
XRP explodes this week
Bitcoin (BTC) in the middle of a bull run broke its teeth on its greatest historical resistance: the $20,000 threshold. And while the ancestor is catching his breath, the Bitcoin Compass are dancing… Especially the XRP, which explodes this week.
The main cryptomoney companies show important progresses over the week, with a very respectable +31% for Ether (ETH) and +34% for Bitcoin Cash (BCH). But the XRP jumped sharply: it took +172% over the same period:
The XRP is now close to USD 0.70. It had not reached this threshold for a very long time: May 2018 to be precise. This is a significant turnaround for the asset class: it had been falling for more than two years now, without being able to sustain its price.
The XRP is once again outperforming Tether (USDT)
The second piece of good news for Ripple is that the capitalisation of XRP now exceeds that of the Tether (USDT) again. The XRP market cap had been showing signs of weakness throughout 2020, and many predicted that the USDT was now sustainably ahead of Ripple’s assets.
This morning, the distance between the two assets is in any case particularly clear. The XRP has a capitalisation of over $31 billion, while the USDT has a market cap of $18 billion „just“.
Not a coincidence for the XRP?
One cannot help but compare the explosion of the XRP share price with other recent news. In early November, Ripple confirmed that it would buy XRP to „support the markets“. This prompted comments about Ripple’s control of its assets. But as the price of XRP explodes, will the same criticism be levelled?
Finally, it should also be noted that XRP is not the only one to jump over the week. Its direct rival, Stellar (XLM), thus takes +95% over the last seven days. Its price now exceeds 0.16 dollar, with a capitalisation of 3.4 billion dollars.