The digital assets market is seeing high points of green across the board and leading altcoins are certainly enjoying the boost in growth, seeing gains between 7% to 16% in the last 24 hours. The only exception to this is Ripple (XRP), which has seen a price rally of nearly 43% to hit an almost three-year high of $0.68. XRP’s total market capitalization is now at $30,878,333,188, and the popular altcoin has officially overtaken Tether (USDT) as the third-largest digital asset in the market now.
Tether has had an amazing year as well as a slew of new market entrants throughout the pandemic drove the leading stablecoin to hit new highs multiple times, among other reasons. This makes XRP’s growth even more astounding, going from hovering around the $0.20 to $0.30 range to rallying upwards to $0.42, and then breaking past the $0.50 mark just yesterday on November 23.
The current all-time-high is still a far cry from XRP’s historical record peak at $3.84, which was reached in January 2018. The cryptocurrency has performed in a sluggish manner this year as compared to many of its competitors, and in the last quarter of 2020, XRP has finally emerged on top as it is now only second to Ethereum in the altcoins market.
In related news, Ripple has been considering moving its headquarters out of the US to a more crypto-friendly jurisdiction. US crypto regulations, or arguably, lack thereof, is a pain point for most businesses in the crypto industry, and before the US Securities and Commission (SEC) clamps down further on a larger pool of businesses without any clarity in laws governing the sector, Ripple finds that it is prudent to plan for the future. In their latest updates, it seems that Ripple is favouring London as its new HQ location.