Has been last week nothing less interesting For Xrp. In particular, the cryptocurrency has been a longer series of elevations in the last seven days, so that it had temporarily affected the price level of $ 3 for the first time in months.
This interesting step came after reports of the American Securities and Exchange Commissions approval of The Proshares Ultra XRP ETF, which allowed XRP to expand its upward movement. However, this momentum did not only influence the price; it had big effects on XRP is in the general crypto market.
XRP becomes top 3 crypto
The decision of the SEC to approve the Proshares Ultra XRP ETF, which offers twice daily exposure through futures contracts, is an interesting milestone For Xrp. After years of legal control and uncertainty, especially after the SECs 2020 against Ripple, the ETF approval is a remarkable change in the Sec’s posture with XRP. It shows that XRP has not only survived the challenges, but also earned a place in the next phase of Institutional adoption of cryptocurrencies.
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After news from the Proshares ETF approval, XRP gathered sharply and surpassed many other top assets on both daily and the weekly timetables. This increase came as a continuation of Bullish Momentum that already built From Bitcoin’s recent outbreak To new all-time highlights above $ 122,000. But even while Bitcoin corrected Back to less than $ 118,000XRP managed to keep up with the pace of the intake.
At the time of writing, XRP rose by around 25.7% in a period of seven days. Thanks to this remarkable increase, market capitalization has risen to $ 173.4 billion, so that the market capitalization of Tether USDT of $ 159.8 billion was effectively overtaken. This means that XRP is now again the third largest cryptocurrency per market capitalization and it is now approaching in Ethereum in rankings.
Can the Altcoin Flip ETH?
XRP’s climb beyond USDT in market capitalization reflects both a solid price increase and its strength in the crypto market. However, the next goal on the rankings is much more formidable.
To turn ETH in market capitalization, XRP would have to double more than from its current $ 173.46 billion to exceed $ 381.13 billion of Ethereum. Assuming that the current circulating range of 59.13 billion XRP tokens is stored at this level, this translates into a required price of approximately $ 6.60 per XRP to reach a market capitalization of $ 381.13 billion.
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XRP catching up ETH would also be a bit of a difficult task, given that ETH has also stopped the interesting price profit in the last few days. In particular, the leading Altcoin has also risen by around 20.2% in the last seven days. The price performance of Ethereum can be attributed to The steady inflow into spot ETFs, which saw $ 1.55 billion inflow in July.
However, XRP still has a chance to catch up Ethereum, especially when A place XRP ETF is approved by the sec. A An important moment could happen On July 25, when the SEC is expected to decide on the Rex-Superprey XRP ETF, a spot-based ETF.
Some analysts believe the price of XRP could shoot up to $ 1,000 Under a scenario of full institutional adoption. If that vision occurs, XRP would not just surpass Ethereum; It would be positioned to compete with Bitcoin in market capitalization.
At the time of writing, XRP acts at $ 2.93.
Featured image of Getty Images, Chart van TradingView.com