XRP jumps to third place in the global cryptocurrency rankings

• XRP is the third largest component of the STOXX Digital Asset Blue Chip Index, which tracks a diversified basket of digital assets determined through native cryptographic metrics.
• The token has gained 1% over the past day, with one analyst saying the token will reach $1.5 in the near term before rising to $7.5.

XRP is only behind market leaders Ethereum and Bitcoin in the STOXX Digital Asset Blue Chip Index, outpacing other cryptocurrencies with larger market capitalizations, including Solana and BNB.

The STOXX index tracks a diverse basket of crypto assets, relying on “crypto-native” metrics to “select those that serve as a reflection of today’s crypto universe.” These parameters include total guaranteed value, age, active addresses, developer community, and economic activity. The index tokens are considered the best on the market for activity, quality, robustness and financial strength, according to the Swiss company He says.

Bitcoin and Ethereum top the chart with a weight of 30% each, representing their long-standing dominance of the market. XRP is in third place at 11.71%, ahead of Cardano’s ADA at 8.44% and Tron’s TRX at 5.63%.

As far as sector weighting goes, smart contracts have been the most popular, with ADA, TRX, and ETH all falling into this category as XRP and BTC represent the crypto networks.

The STOXX Digital Asset Blue Chip Index saw its best period in the second half of 2021, when it reached an all-time high just under 2,000 before falling to a low in mid-May, at the height of the cryptocurrency winter. Since the second half of last year, the index has recovered as token prices appreciate, with Bitcoin reaching a new all-time high in March. Ethereum also surpassed $4,000 in March for the first time since reaching its all-time high in 2021.

However, XRP and Cardano have failed to regain their lost glory this year, not even coming close to their 2021 highs.

XRP ranking only behind Ethereum and Bitcoin revives memories of a time when XRP was the third largest cryptocurrency on the market. Coincidentally, Ripple CEO Brad Garlinghouse he talked about it last week, telling FOX that XRP was once the largest cryptocurrency before the SEC decided to drag it into a lawsuit that has been going on for years now, although legal experts say it is nearing a resolution, as reported by Crypto News Flash.

XRP is trading at $0.5028, gaining 1.6% over the past day for a market capitalization of $27.91 billion. Trading volume rebounded after its usual weekend slump, rising 30% to $936 million, the fifth largest among non-stablecoin crypto assets.

Analyst Egrag says XRP could reach $7.5 in his bullish analysis, but expects the token to reach $1.5 first after breaking out of the descending triangle trading pattern it has been stuck on.

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