XRP has taken the crypto world by surprise, experiencing a massive surge of over 20% in the past 24 hours, pushing it past Tether (USDT) to become the third-largest cryptocurrency by market capitalization. Over the last 30 days, XRP’s value has skyrocketed by 375%, reaching $2.40, with a market cap now totaling $139 billion. This sharp rise marks a pivotal moment for the altcoin, as it has not only outpaced Tether but has also garnered increasing interest from retail traders, further evidenced by the rise in social media buzz and speculation about Ripple’s future initiatives, including the potential approval of a Ripple-issued stablecoin or an ETF.

XRP’s price surge has translated into significant trading activity, particularly in South Korea. Upbit, the country’s leading crypto exchange, reported record XRP-won trading volumes, amounting to $4 billion in the past 24 hours. This accounts for more than 27% of the platform’s total trading volume, illustrating the growing demand for the asset. This surge in XRP trading activity is also tied to recent developments in South Korea, where the government delayed the implementation of a crypto capital gains tax, removing a key barrier to speculative trading. The decision to push the tax implementation to 2025 has acted as a catalyst for renewed market optimism, benefiting cryptocurrencies like XRP.

In contrast, Bitcoin, the largest cryptocurrency by market value, is struggling to break through the critical $100,000 mark. Despite strong bullish sentiment and market catalysts, Bitcoin has been trapped between $90,000 and $100,000 for the past two weeks, with the $100K barrier proving difficult to surpass. A significant sell wall of over 4,000 BTC, valued at $384 million, is limiting upward movement and causing profit-taking among traders. Analyst Valentin Fournier of BRN notes that Bitcoin’s inability to break through this psychological resistance point has led to a shift in market sentiment, with investors rotating funds from Bitcoin into altcoins like XRP.

Bitcoin's dominance in the market has also seen a noticeable decline, dropping from 61.5% to 56.5% over the past two weeks. This decline in dominance highlights a broader trend of capital flowing into altcoins as liquidity increases across the market. Investors are now looking beyond Bitcoin and seeking exposure to other promising assets like XRP, further fueling the altcoin’s recent surge.

With Bitcoin facing significant resistance near the $100,000 mark and XRP gaining momentum, the landscape for cryptocurrencies is rapidly evolving. Investors are keeping a close eye on the next moves for both Bitcoin and XRP, as the battle for dominance among digital assets intensifies.