Tether—the US Dollar pegged stable coin has taken over XRP’s position globally and is now ranked on the 3rd position in the market. Since USDT is a stable coin, it is likely to have its value around $1 and is currently trading at $1.0002.
Moreover, it was in March when USDT was seen having a momentary spike at $1.28 and has marked a YTD low at $0.98, below $1. Tether currently holds a market cap of over $15 billion, and in this regard, it has replaced XRP coin in the global crypto market, while stands below 1st and 2nd generation crypto at present.
Tether, on the above chart, holds a completely flattish movement against the US Dollar but a significant momentum in the market cap shows a complete favourism of this cash and cash equivalent backed crypto. Moreover, the unique feature of Tether is that whenever news USDT token is issued, it provides the same amount of USD to its reserves, making sure the backup is strong.
The token is trading at $1.00, and if it plummets any further, it is likely to slip below $1.0 and test 4-month support around $0.98. With a bearish pullback, it is now holding no support from daily MAs due to pulled back movement.