The volatility of the entire cryptocurrency market depicts by far the reality that events, particularly as it relates to price actions are fleeting and can easily be overturned. There was a lot of activity in the market over the weekend as the cryptocurrency ecosystem does not sleep. The build-up in price momentum in the past days has propelled DOT, the native token of the Polkadot ecosystem, to grow its market capitalization above $15.5 billion, a feat that has placed it above the XRP coin as the fourth-largest cryptocurrency, according to CoinMarketCap.
While the ranking of crypto assets is just rudimentary in crypto nomenclature, the feat to dethrone XRP has been attempted by new ambitious tokens, some of which succeeded and others that failed. At the time of writing, XRP is ranked as the fifth-largest token with a total of $12.82 billion in market capitalization.
Created in 2013, XRP once enjoyed a lot of fame as the world’s third-largest cryptocurrency by market cap. The position of XRP was threatened a few times last year and subsequently overtaken by the stablecoin Tether (USDT), following its increased adoption as the preferred stablecoin to use in place of the United States Dollar. Today, Tether enjoys a market cap that is almost twice as much as XRP’s and hopes of XRP regaining its position back seems to be impossible in the distant future.
In the course of the year 2020, Litecoin (LTC) has also attempted to dethrone XRP but reported by Cryptoknowmics, the attempt was truncated as the XRP nudged itself back to life, all thanks to its bulls.
The push by Polkadot is the worthy attempt in the past couple of weeks and months to wrestle down the position from XRP and while there remain elements of skepticism in the long-term success rate of the ongoing coup by the DOT token, the attempt has been well applauded as daunting as it signals a strong bullish rally for Polkadot.
If we scroll down the bottom page in the crypto rankings, we’d discover that the top 10 coins are awash with promising projects whose tokens have the potential of outperforming those above them as the entire market wades off into a deeper-rooted maturity.
Polkadot has done its best to dethrone XRP, the question that persists now is whether it can stay afloat as the favored fourth coin on a more permanent basis. XRP is falling out of grace because of the lawsuit which the United States Securities and Exchange Commission (SEC) instigated on the coin’s affiliated blockchain payment firm, Ripple Labs.
Since the case involves XRP, many exchanges have been delisting the coin and those fair enough have been halting trading that features the cryptocurrency. This negative development has remarkably caused the dumping of the coin and resulted in a corresponding dip in price. The contention now is that, if XRP coin gets favored in the ongoing lawsuit and the SEC rescinds its position and declares the coin is not a security, how well will the likes of Polkadot and Tether fare when the market bulls decide to make it up to XRP by betting big on the coin?