- XRP overtakes Tether again for the first time since 2021.
- Whale outflows ease; dormant wallet activity hints at possible base-building and accumulation phase.
Ripple [XRP] has reclaimed the third spot by market cap, overtaking Tether [USDT] in a move that shows renewed investor confidence.
The rally marks a major milestone in the token’s road to recovery, with on-chain data adding weight to the momentum.
While whale activity appears to be cooling, a wave of long-dormant wallet reactivations points to deeper shifts – suggesting this breakout may be more than a short-term spike.
XRP reclaims #3 market cap spot
XRP has officially surpassed Tether to become the third-largest cryptocurrency by market cap, a position it hasn’t held since early 2021.
Trading at $2.49 – briefly touching $2.60 – XRP’s resurgence appears to be supported by more than just market sentiment.
Source: CoinMarketCap
A proposed Missouri bill (House Bill 594) could make the state the first in the U.S. to allow full income tax deductions on capital gains from digital assets, including XRP.
The number of XRP holders has also grown by over 11% in 2025, while increased real-world utility – like its new listing as a payment method on Travala – further boosts its narrative.
Signs of stabilization
The 30-day Moving Average of whale activity is now curling upward.
Source: Cryptoquant
On-chain data shows that total whale flow remains negative, but its steep decline has eased significantly since March 2025.
Historically, such shifts have preceded sustained price recoveries. The chart reflects this trend, with red bars softening and nearing neutral territory.
Although the 30DMA has yet to turn green, the slowdown indicates weakening bearish pressure.
This shift may be laying the foundation for a more stable base—and possibly the next leg up.
Why the slowdown matters
XRP has faced months of sustained whale outflows, among the worst since early 2023. These outflows pressured both price and investor sentiment.
However, net flows are now stabilizing, and the price chart is showing renewed strength—suggesting cautious optimism.
Typically, when whale flow bottoms out and starts recovering, it indicates accumulation or base-building.
In past cycles, like mid-2023, similar whale activity preceded multi-week rallies. If this current slowdown continues, it could signal a shift from volatility to consolidation.
What to watch for?
A flip of the 30DMA to green would mark the first net whale inflows since late 2024 – a major shift in sentiment.
Reactivation of long-dormant whale wallets would further confirm renewed interest from large holders.
On the technical side, a sustained breakout above $2.60 with strong volume is crucial. Finally, improving liquidity and deeper order books would validate demand.
