XRP has been on a losing streak ever since the US SEC filed a lawsuit against it in late 2020. The coin has since lost its third spot to Tether (USDT), and then also its fourth spot. After a short-term rebound during which it regained its fourth position, XRP now lost it again to Polkadot (DOT).
Polkadot price surges, DOT replaces XRP as the 4th-largest coin
Polkadot has been surging for quite a while now, originally starting around December 28th. After reaching the price of $10 in the early days of January, the coin has been trading sideways until January 10th, when it dropped back to slightly above $8.
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Immediately after that, however, it started a new price surge that took it up by around 70% in a single week. In fact, in the last 24 hours, the coin has gone up by 7.14%. Its market cap hit $13.5 billion, while its daily trading volume sits above $6.1 billion at the time of writing.
XRP, on the other hand, is trading in the red. The coin lost 10% of its price in the past 7 days, going down by 3.17% in the last 24 hours alone. Its own market cap is at $12.7 billion at the time of writing, while its trading volume sank below $4.7 billion.
Large exchanges started removing XRP
The turn of the year has been rather chaotic for XRP. First, the SEC sued its parent company, Ripple, for selling an unregistered security. Then, the coin got delisted from a number of exchanges, where smaller exchanges could afford to remove it immediately, while larger ones, like Binance, announced that the coin will be delisted in mid-January.
Its removal from Binance and its peers is likely the reason for a strong price dip that XRP is experiencing right now. The coin currently sits at $0.2837, with its price continuing to fall. Meanwhile, Polkadot is seeing a rapid increase in usability, with some reports even claiming that Asian traders are using it to predict the price of Bitcoin.