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XRP’s price could register a dramatic surge in the event that its market cap equals that of the world’s largest stablecoin, Tether (USDT).
Many investors expected the price of XRP to surge above $1 after U.S. District Judge Analisa Torres issued the final judgment in the SEC v. Ripple lawsuit. However, XRP has not made any major moves since the ruling.
While some blamed XRP’s underperformance on the potential of an SEC appeal, others pointed to the price suppression theory.
XRP Enthusiasts Remain Confident Despite Its Underperformance
At the moment, XRP is stagnant around the $0.60 price territory. It is currently priced at $0.6084, with a 24-hour trading volume of $1.19 billion. This represents a drop of 0.81% over the past 24 hours and a Year-to-Date (YTD) decline of 2.5%. Conversely, XRP is up 7.84% in the past week and 0.69% in the monthly charts.
Despite XRP’s inability to surge to greater heights, some investors and analysts are still confident about its prospects. They believe it could reclaim its position as one of the three biggest cryptocurrencies by market cap.
For context, XRP was among the three most valuable cryptos in the early days, but it lost this status after rumors emerged that the SEC planned on labeling it a security in 2019. Currently, XRP is the seventh-biggest cryptocurrency, boasting a market cap of $34.03 billion.
Data from CoinMarketCap shows that Tether (USDT) is now the third-largest cryptocurrency by market cap, with a valuation of $117.860,216,535 ($117.86 billion). Therefore, XRP must surpass USDT’s market cap to reclaim its position as one of the top three biggest cryptocurrencies.
XRP Price If It Attains Tether Market Cap
In this article, we analyzed how much XRP would be worth if it captured USDT’s market cap. Considering XRP’s circulating supply of 56,180,094,752 (56.18 billion) tokens remains stable, its price would increase to $2.0978. This would mark a dramatic surge of 244.8% from the current price of $0.6084.
Meanwhile, XRP’s hypothetical surge to $2.09 is still below the token’s all-time high price of $3.84, registered on January 4, 2018. Nonetheless, the potential rally would take XRP closer to setting a new ATH.