XRP (XRP) has skyrocketed 404% in the last month as the rally in cryptocurrencies accelerates.
XRP has now replaced stablecoin Tether (USDT) as the third-largest cryptocurrency by market value after Bitcoin (BTC) and Ethereum (ETH).
XRP has risen more than 40% in the last five trading sessions alone, outpacing larger cryptocurrencies such as Bitcoin, which has pulled back after nearing $100,000 U.S.
XRP, which is a payment-focused cryptocurrency, has seen its market capitalization swell to nearly $150 billion U.S., surpassing Tether, which is the leading dollar-pegged stablecoin.
XRP's trading volumes have surged globally. Earlier this week, South Korea's biggest crypto exchange registered a record $4 billion U.S. of trading volume in XRP in a 24-hour period.
The record activity in XRP comes after South Korea's government backtracked on a plan to impose capital gains taxes on cryptocurrencies.
XRP has been rallying alongside other crypto on expectations that U.S. president-elect Donald Trump will implement friendly legislation and encourage widespread adoption of digital assets.
The XRP token is currently trading at $2.55 U.S., having risen a total of 305% on the year. Its price had declined to start 2024.
