Polkadot Flips XRP to Become the Fourth-Ranked Crypto After Price Spikes 100% in Less Than a Week
Dot, the native token of the Polkadot network, has flipped XRP to become the fourth-ranked token after its price rallied by more than 40% in just 24 hours. Since January 11, the token has now gone up by more than 100% to set a new all-time high (ATH) of $18.06 on January 16.
With its market capitalization currently standing at over $16.8 billion, the Dot token now surpasses that of XRP by over $4 billion. Yet before the December 23, 2020 breakout, the Polkadot token had a market capitalization of just under $4.5 billion and an average price of $4.70, according to data from Markets.bitcoin.com. However, between then and January 3, the token soared by more than 100% to close at $10.35.
Yet, after this initial price surge, the token then briefly stabilized at just under $10.35 before dropping to $7.61 on January 11. Nevertheless, after this short-lived retreat, the token went on another rally that culminated in Dot displacing XRP.
Meanwhile, the displacement of XRP from its fourth position by Dot comes as the former continues to get delisted by exchanges. Since the delistings began, the XRP token has now plunged from the December 17 high of over $0.60 to the current price of $0.28.
Furthermore, in a move that is likely to add more pressure on the token, the Kraken crypto exchange has announced it will halt trading of the XRP token on January 29. However, this move is only expected to affect US customers only.
Do you believe that the XRP token will reclaim the fourth place position? Tell us your views in the comments section below.