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xrp tether crypto
Nexo Logo

It’s Official: Tether Flippens XRP After Recent Crypto Crash

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Ripple
Reading Time: 2 mins read
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Things just keep getting worse for the crypto asset known as XRP. After an extremely poor performance over the last two years, the latest crash across crypto has caused the stablecoin Tether market cap to “flipped” the previously third-ranked cryptocurrency, Ripple.

Tether Unseats XRP As The Third-Ranked Cryptocurrency, Flippening Is Official

XRP has earned itself a negative reputation in the cryptocurrency space for a number of reasons. The asset is among one of the worst performers two years running, and some of the most diehard crypto evangelists claim the asset is not centralized enough to stand alongside the likes of Bitcoin and Ethereum.

The latest crypto market crash, however, has caused more separation between XRP and Bitcoin and Ethereum. Now standing between the top two ranked crypto assets and XRP, lies the controversial stablecoin Tether.

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Related Reading | PSA: New XRP Scam Is Targeting Scorn Ripple Investors 

Tether is used by cryptocurrency investors and traders as a safe haven for capital during downturns or especially turbulent volatility. This fiat-tied stablecoin keeps capital consistent, rather than exposed to the wild swings of top crypto assets.

Thanks to yesterday's crypto drop, Tether has officially flippened Ripple

Tether supply: $9.018 billion
XRP market cap: $8.617 billion

— Alistair Milne (@alistairmilne) May 22, 2020

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After several years of bear market conditions, Tether’s market cap has ballooned to nearly $9 million due to high demand, while XRP‘s market cap has steadily declined to now under $8.8 billion.

While only a million or so dollars separates Tether and XRP, and the two will likely switch places again and again for some time, the fact that Tether has caught up to the previously third-ranked crypto assets shows the sad state the crypto market it in.

Data from CoinGecko

Bear Market Ripple Effect Keeps Stablecoins in High Demand, Altcoins At Risk

After several years of a downtrend, interest has yet to return to altcoins. Most of the resurgence in interest around cryptocurrencies is directly tied to Bitcoin.

Much of this has been fueled by the asset’s halving, its similarities to gold, and its potential use as a hedge against hyperinflation. Altcoins have not been so fortunate.

This all may change quickly, as the illiquid assets have long been oversold, and Bitcoin profits could begin to flow into the alternative assets.

Related Reading | Surging Demand and Seized Supply Spark Rapid Growth in Tether’s Digital Gold 

This could cause XRP to rebound and retake the third-place spot rather soon, but Tether isn’t likely to fall too far down the list of top crypto assets.

Although much of the Tether demand is due to falling crypto prices, stablecoins have become an increasingly popular way to move funds at low costs across cyberspace. It is also a stable, way to store value digitally, making it far more valuable than just a safe haven for capital when crypto prices are crashing.

Tags: bitcoincryptotetherUSDTxrpXRPBTCXRPUSDxrpusdt
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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