Ripple’s native cryptocurrency continues its downward trend, causing it to lose the third spot in terms of market capitalization.
Tether’s USDT has taken it back after a few months of being fourth, as its own market cap has grown to $167,613,338 on CoinGecko.
Recall that XRP skyrocketed to a new all-time high of $3.65 in mid-July after it broke out of its consolidation phase at around $2.2. Since then, though, the asset has failed to maintain its run and has frequently dropped below the crucial $3 support line.
The past 24-36 hours were not kind to the entire cryptocurrency market, and XRP was not spared. As BTC dumped to a seven-week low, Ripple’s cross-border token followed suit and slipped to $2.73 for the first time since August 3.
Despite recovering some ground to trade at just over $2.8 as of press time, XRP is still 4% down on the day and 6% weekly.
Ripple has also lost traction on the global assets’ scale. The company and its token, which had entered the top 100 assets by market cap after the July rally, have now dropped out of that prestigious club and are down to the 121st spot, according to 8marketcap.
Although Ripple is still above the likes of Sony, Airbus, Allianz, and Accenture, it has lost positioning to Charles Schwab, BlackRock, and Xiaomi.
Despite the current drawback, multiple community members and analysts believe XRP still has a long way to go this cycle, and here are some of the most optistic price predictions.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
