XRP overtakes Tether and rises while Bitcoin faces destruction of the sell wall

XRP (XRP USD) has made an impressive leap and Tether (USDT-USD) to become the third largest cryptocurrency by market value. This rise in XRP price comes at a time when Bitcoin is facing a major hurdle at the $100,000 level, where a massive “sell wall” is preventing the leading cryptocurrency from gaining further momentum. A sell wall refers to a large batch of sell orders at a specific price point that acts as a barrier and prevents the price from rising.

XRP outperforms Tether in market capitalization

XRP has seen an incredible surge, rising over 18% in just 24 hours. This dramatic increase has pushed XRP’s market cap to $139 billion, overtaking Tether, which had long held the third place among cryptocurrencies. The price of XRP has risen 375% in the last 30 days to reach $2.40, a level not seen in years.

The rise in the price of XRP has led to significant activity in global markets. For example, South Korea’s Upbit exchange recorded a massive $4 billion in XRP trading volume in a single day, signaling growing interest in the cryptocurrency.

Retail traders are driving XRP’s revival

Retail traders appear to be playing a key role in XRP’s recent resurgence. Mena Theodorou, co-founder of Coinstash, said CoinDesk“This (XRP) comeback is making waves across the market and potentially signals the return of retailers and investors to the crypto market.” Theodorou highlighted XRP’s growing presence on platforms like TikTok, which has contributed to the token’s rising popularity among younger traders .

Rumors about Ripple’s possible stablecoin approval and the possibility of an XRP ETF have also piqued investor interest. As a result, XRP has gained traction as a key altcoin for investors seeking alternatives to Bitcoin.

Regulatory news reinforces XRP price rise

In addition to retail interest, regulatory news has also contributed to XRP’s rise. Markus Thielen, founder of 10x Research, commented CoinTelegraph that the delay in South Korea’s crypto capital gains tax helped create an environment conducive to speculative trading. The tax, originally scheduled for 2021, has been postponed to 2027, thereby removing a significant regulatory hurdle. According to Thielen, this delay “removes a crucial hurdle for the crypto market” and has provided a boost to XRP’s recent rise.

Bitcoin struggles with the $100,000 sell wall

While XRP is on the rise, Bitcoin is facing a major challenge. Bitcoin struggled to break through the $100,000 barrier and hit a massive $384 million selling wall at this price level. This resistance has prevented Bitcoin from gaining bullish momentum despite strong market catalysts and growing investor confidence.

Valentin Fournier, analyst at BRN, said CoinDesk“Despite strong market catalysts and growing investor confidence, Bitcoin continues to struggle with the psychological hurdle of $100,000.” Fournier explained that this sell wall, consisting of over 4,000 BTC in sell orders, is holding back Bitcoin’s price and creating a bottleneck in its price movement .

XRP benefits from Bitcoin’s difficulties

Bitcoin’s difficulty breaking above $100,000 has prompted investors to shift capital into altcoins, with XRP benefiting from this trend. Bitcoin’s market dominance has fallen from 61.5% to 56.5% since November 21, reflecting growing interest in alternative cryptocurrencies. As Bitcoin’s dominance wanes, XRP is one of the main beneficiaries, benefiting from investors’ shift towards altcoins.

This trend of capital rotation is further illustrated by the rise of XRP, with the cryptocurrency outperforming Bitcoin as traders look for opportunities beyond the world’s largest crypto asset.

At the time of writing, XRP is at $2.2644, up over 18% in the last 24 hours.