XRP Breaks Into Top 100 Assets By Market Cap As Price Reclaims $3
XRP now ranks as one of the top 100 assets by market cap, following its recent rally above the psychological $3 price level. The altcoin is likely to keep climbing up the ranks as fundamentals point to a much larger rally on the horizon.
XRP Ranks As 99th Largest Asset By Market Cap
CompaniesMarketCap data shows that the altcoin is now the 99th largest asset by market cap in the world, with a market cap of just over $180 billion. XRP, which is currently trading just above $3, ranks above CATL and is just behind Pinduoduo and Deutsche Telekom. Notably, XRP, Bitcoin, and Ethereum are the only three crypto assets currently in the top 100 ranking.
The altcoin had reclaimed this $3 level yesterday following Jerome Powell’s Jackson Hole speech, in which he suggested that the Fed could make a rate cut at the September meeting. Furthermore, the U.S. Appeals Court also approved the dismissal of the XRP lawsuit following Ripple and the SEC’s joint motion.
XRP is likely to keep climbing up this ranking of the largest assets in the world, with analysts predicting an uptrend for the altcoin. Crypto analyst CasiTrades predicted that the altcoin could reach $3.21 soon, which is the next major resistance.
CasiTrades further stated that momentum is extremely strong and that she only expects to see a small reaction at $3.21, with that resistance level unlikely to stop the uptrend. However, the analyst noted that there could be a brief pause before the uptrend continues for the XRP price, which would lead to a retest of the top of the consolidation near $3.168.
Fundamentals That Could Spark A Rally
Crypto commentator Altcoin Gordon stated that XRP/BTC is about to smash through its 8-year downtrend. He alluded to the pending spot XRP ETFs, Ripple’s partnerships, the end of the XRP lawsuit, and XRPL upgrades as fundamentals that could spark a breakout. Gordon further declared that if there is one large cap that is about to pump hard, it would be XRP.
Legal expert Bill Morgan also took time to explain what makes XRP so great, noting that despite all the narratives, the market rates the altcoin as worthwhile. He further stated that it has mostly been a top-three coin and that it took a lawsuit to knock it out of this position earlier on.
Morgan also remarked that XRP’s adoption, including by institutions, is increasing. At the same time, the yield opportunities are on the rise. Meanwhile, the altcoin’s use case in the traditional finance (TradFi) space is increasing, and it has many of the qualities of hard money, the legal expert claimed.
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