Another interesting development is the fact that XRP has regained its third-position in the market after a couple of months, displacing Tether (USDT) with $18.69 billion.
Looking at the data made available by CoinMarketCap, XRP has gained over 30% in the last 24 hours and trading at $0.416548 at the time of publication.
The significant increase of cryptocurrencies across the board has initiated about a 3% increase in the global crypto market capitalization. The overall market cap now stands at $537,637,424,126.
XRP Remains the Top Gainer in the Past Week
The significance of Bitcoin (BTC) in the crypto market has made some traders and investors ignore the outstanding performance of XRP in the market over the past week.
In the past 24 hours, Bitcoin (BTC) price has only managed a 2.02% increase and Ethereum (ETH) has recorded 5%, while XRP significantly outruns other top cryptocurrencies with about a 31% surge at press time.
In terms of weekly top gainers, XRP has managed a 53% increase, Ethereum (ETH) 15.85%, while Bitcoin with more attention than any other top digital currencies only recorded a relatively 16% increase, according to CoinMarketCap.
Coinciding with the rally is the prospect of Covid-19 jabs and the earlier Joe Biden’s win.
XRP is a cryptocurrency favored by payments institutions, who use it for real-time settlements and moving money across banks at low costs.
Ripple, a cross-border payment company based in San Francisco, oversees the distribution of the cryptocurrency. However, a hostile regulatory climate is making it difficult for the payment behemoth to thrive as expected in the United States.