XRP News Today: XRP Surges 100% in 24 Hours, Briefly Overtakes USDT

XRP, the cryptocurrency associated with Ripple, briefly surpassed USDT to become the third-largest cryptoasset by market cap. This surge was driven by a significant increase in trading volume, which spiked by more than 100% in the previous 24 hours. The market cap of XRP neared $150 billion during this period, highlighting the token's impressive price rally and growing trade volume.

The exact motive behind the heightened trading activity remains unclear. While the SEC settled the Ripple case last week, the majority of XRP’s volume spike occurred this morning, suggesting that other factors may have influenced the market. Analysts have noted that a comparatively small volume boost caused the token’s market cap to skyrocket, with a net market buying pressure of $61 million over the last 13 hours. This indicates that the volume spike had a significant impact on XRP’s market cap, but it did not have much underlying stability. After XRP’s price fell in the early afternoon, USDT reclaimed its position as the third-largest cryptoasset by market cap.

Despite the volatility, positive developments continue to drive optimism for XRP. In the US, recent reports suggest that Missouri could become the first state to exempt digital assets like Bitcoin and XRP from capital gains tax. Such developments and continued market optimism could drive more traders to hold ‘Made in USA Coins‘ like XRP, further bolstering its position in the market.