_CRYPTO CHAOS!_ Tether (USDT) Dethrones XRP, Will the Frog Become King? 🐸👑

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In the latest episode of _Crypto Musical Chairs_, Tether (USDT) stablecoin has booted XRP out of the third-place seat, leaving our amphibian friend to ponder life in the fourth spot. With a market cap of $141.4 billion, Tether is now the bronze medalist in the crypto world, while XRP clings to its $139.72 billion life raft. 💰

Bitcoin had another bad hair day on Friday, shedding 7% of its value in the past week. But let’s face it, when it comes to losing, it’s lonely at the top. Practically every other asset in the top 10 coins by market cap (except for those pesky dollar-pegged stablecoins) has taken an even bigger hit, losing twice that percentage or more. 🤕

XRP took a particularly nasty tumble, falling 22% in the last seven days. It’s like someone told it that the party was over, and it decided to leave without saying goodbye. From a seven-year high of $3, it’s now sitting at a humble $2.41, down 1.42% on the day. And just like that, XRP was kicked out of the top three cryptocurrencies by market cap. 🚪

In these uncertain times, stablecoins are the crypto equivalent of a security blanket, meant to keep their value steady relative to a given asset or basket of assets. This might explain why Tether’s market cap has ballooned like a helium-filled pufferfish. 🎈

What’s next?

XRP has been on a downward spiral since Monday’s brief bounce, but it’s not alone in seeking solace in the arms of ETF providers. Despite its three-day losing streak, XRP is hoping for a rebound following a weekend of losses. 🤞

On Thursday, Chicago’s Cboe Exchange filed four separate applications with the SEC, begging for permission to list and trade spot XRP ETFs from WisdomTree, Bitwise, 21Shares, and Canary. It seems everyone wants a piece of the XRP pie, following the success of Bitcoin and Ethereum ETFs last year. 🍰

Amid the recent downturn, it appears that whales have decided to go fishing. According to crypto analyst Ali, whales scooped up 520 million XRP during the recent market dip. They say timing is everything, and these whales certainly know how to make a splash. 🐳💦

While Tether currently reigns supreme over XRP, the crypto rankings are as unpredictable as a game of musical chairs. Will XRP find its way back to the top three in the coming sessions, or will it remain seated on the cold, hard floor? Only time will tell. ⏳

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2025-02-07 17:54