Dot is the local token of the Polkadot network. After its price increased by more than 40% in just 24 hours, its XRP became the fourth-ranked token. Since January 11, the token has now risen by more than 100% to reach an all-time high (ATH) of $18.06 on January 16.
At present, its market capitalization exceeds 16.8 billion U.S. dollars, and Dot tokens exceed XRP by more than 4 billion U.S. dollars. According to data from Markets.bitcoin.com, before the breakout on December 23, 2020, the market value of the Polkadot token was just under $4.5 billion, with an average price of $4.70. However, from then to January 3, the token surged more than 100%, closing at $10.35.
However, after the initial price spike, the token briefly stabilized below $10.35 before falling to $7.61 on January 11. Nevertheless, after a brief decline, the token experienced another rebound, which eventually led to Dot replacing XRP.
At the same time, as the former continued to be delisted from the exchange, XRP was replaced from the fourth position of Dot. Since the beginning of the delisting, the XRP token has now plummeted from a high of over $0.60 on December 17 to its current price of $0.28.
In addition, the Kraken cryptocurrency exchange has announced that it will stop trading of XRP tokens on January 29, which may put more pressure on the tokens. However, this move is expected to only affect US customers.
Do you believe that the XRP token will regain the fourth place? Tell us your opinion in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author shall not bear any direct or indirect responsibility for the use or reliance on any content, goods or services mentioned in this article or any loss or loss related to it.