XRP News Today: XRP Surges 5% to $3.04, Overtakes Tether as Third-Largest Crypto

Ripple Labs-backed XRP gained 5 percent in the past 24 hours to trade above $3.04 on Wednesday, July 16, during the mid-North American trading session. The large-cap altcoin, with a fully diluted valuation of about $304 billion, reached the highest level in 24 weeks, thus flipping Tether (USDT) as the third-largest crypto asset.

As a result, XRP price has regained all the losses registered after President Donald Trump took office for the second term earlier this year. According to aggregate market data, XRP price gained over 26 percent in the past seven days, thus outshining the majority of large-cap altcoins.

The ongoing XRP pump is largely backed by robust fundamentals both from Ripple and external factors. For instance, Ripple Labs is almost concluding the four-year lawsuit filed by the U.S. SEC, which will give XRP much-needed regulatory clarity. The crypto payment company announced earlier on Wednesday that it partnered with Ctrl Alt and the Dubai Land Department to tokenize the country’s title deeds on the XRPL network. The bullish sentiment for XRP has also been influenced by the procedural passage of the crypto bills on Wednesday including the GENIUS Act.

Ripple has made strategic moves in the recent past to penetrate global markets. The clear crypto regulatory framework in the United States has sparked bullish sentiment for the wider altcoin market. XRP price is on the cusp of entering the euphoric phase of the 2025 bull rally. Furthermore, on-chain data analysis reveals that whale investors have been accumulating more altcoins compared to Bitcoin in the recent past.

From a technical analysis standpoint, XRP price has successfully broken out of a bullish flag and is now on the cusp of entering its euphoric phase of the 2025 bull rally. If history repeats itself, XRP price is well set to rally beyond $10 in this cycle fueled by regulatory clarity and rising demand from institutional investors.

Ripple's XRP has surged above $3, marking a significant milestone as it overtakes Tether (USDT) to become the third-largest cryptocurrency by market capitalization. This surge comes amidst a broader bullish trend in the cryptocurrency market, with XRP's price increasing by over 15% in a single day. The rise in XRP's value can be attributed to several factors, including Ripple Labs' ongoing efforts to expand its partnerships and integrate its technology into the global financial system. The company's recent bid for a bank charter has also ignited bullish sentiment among investors, who see it as a potential catalyst for further growth.

The surge in XRP's price has significant implications for the broader cryptocurrency market. As the third-largest cryptocurrency by market capitalization, XRP's performance can have a ripple effect on other cryptocurrencies, potentially driving further gains in the market. Additionally, the rise in XRP's value highlights the growing acceptance of cryptocurrencies as a legitimate asset class, with more investors and institutions turning to digital assets as a means of diversifying their portfolios.

The surge in XRP's price also underscores the importance of regulatory developments in the cryptocurrency market. Ripple Labs' ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) has been a major factor in the company's recent performance, with investors closely monitoring the outcome of the case. A favorable ruling in Ripple's favor could potentially drive further gains in XRP's value, while an unfavorable ruling could have the opposite effect.

In conclusion, the surge in XRP's price above $3 and its overtaking of Tether (USDT) as the third-largest cryptocurrency by market capitalization is a significant development in the cryptocurrency market. The rise in XRP's value highlights the growing acceptance of cryptocurrencies as a legitimate asset class and underscores the importance of regulatory developments in the market. As the cryptocurrency market continues to evolve, investors will be closely watching XRP's performance and the broader implications for the market.