XRP Flips Dogecoin (DOGE) to Secure Sixth Spot in Crypto Rankings

XRP surged past the $1 mark Saturday, hitting a three-year high. It has now overtaken Dogecoin (DOGE) to secure the sixth spot in the cryptocurrency rankings by market capitalization.

XRP price finally crossed the $1 level and reached its highest level in the last three years. This digital currency has now surpassed Dogecoin (DOGE) in terms of market value and is ranked sixth in the table of digital currencies.

XRP price has risen more than 85% since last week and reached a three-year high of $1.268 in Saturday's trading. The last time this price was seen was November 11, 2021. Positive regulatory developments and increased whaling activity seem to have contributed to the rise in XRP prices.

The SEC's legal battle with Ripple has had a great impact on this digital currency. However, recent events suggest that a more favorable regulatory environment may be on the horizon. A lawsuit filed Thursday by a coalition of state attorneys general and the DeFi Education Fund against the SEC questions the regulatory body's authority over digital assets.

According to Sentiment, the XRP price increase is thanks to key whale and shark wallets that hold between 1 million and 100 million tokens. The group has collectively collected another 453.3 million XRP worth $526.3 million in the past week alone.

Meanwhile, the coins they collect are mostly from retail traders who try to sell their holdings at every slight rise in XRP. Wallets with less than 1 million XRP have sold 75.7 million tokens worth $87.9 million during this time frame.

Sentiment explains that historically, any digital currency experiences favorable growth in market value when its key stakeholders increase their holdings and confidence, and this is exactly the scenario currently occurring for XRP. is.

XRP overtakes Dogecoin

The rise of XRP has brought its price above $1 and its market value to $60.39 billion.

The price increase has pushed XRP's market cap to sixth place, pushing Dogecoin to seventh place, valued at $53.29 billion. XRP crossing the psychological level of $1 is considered as a strong bullish signal.

If this uptrend continues and the $1.27 level is broken sustainably, XRP may face resistance near $1.50 and $2. However, if profit taking occurs, a pullback may occur.

If the price of XRP falls, it is expected to support $1 in the short term.

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