Tether (USDT), the largest stablecoin in the crypto ecosystem, outperformed Ripple (XRP) for a few hours in third place by market capitalization. Is it the end of Ripple?
Tether snatched Ripple’s third place in the crypto ranking for a few hours, after reaching a market capitalization of over $ 8.8 billion. Leaving all cryptocurrency enthusiasts shocked.
XRP don’t feel head
Although XRP enthusiasts have been surprised, the truth is that outside those 4 walls the news has been expected for months.
Recall that 2 years ago XRP was even able to outperform Ethereum (ETH), in second place by market capitalization. But this occurred in a bear market climate, in which ETH fell much more violently than XRP for long periods of time.
But, a situation that has slowed the growth of Ripple’s cryptocurrency, is the fact that this is the main source of financing 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 more than 80% of the total token offer at its disposal.
This situation has caused the market to be flooded with XRP every time Ripple finances a new project, and has to go through a massive sale to finance it. This, in turn, has triggered the progressive drop in XRP prices. The falls are stronger and the climbs weak in the XRP ecosystem.
Tether rises to third place in crypto ranking
The unfortunate situation has generated that not only has it lost a large amount of ground regarding ETH, but it has even lost the third position for a few hours due to Tether (USDT).
As we see, the gap between ETH and XRP is abysmal, since Ethereum surpasses its competitor 2.5 times. While the difference between XRP and Tether is only $ 100 million. This means that in the next bear market, or the next big deposit in Tether, XRP will undoubtedly lose its position.
Is this the end of XRP as one of the biggest cryptocurrencies? Only time can tell. But undoubtedly XRP is in big trouble. As his hodls have repeatedly put it, but it seems like the people at the helm of Ripple just don’t listen or care.