Lido Staked Ether has surpassed XRP to become the sixth-largest cryptocurrency, with a market cap of over $31 billion.\u00a0<\/p>\n
Lido Staked Ether\u2019s (stETH<\/a>) bullish market is largely attributed to Ethereum\u2019s significant gains this month, as the second-largest cryptocurrency reached $3,200 today and a 40% surge for the token in February alone.\u00a0<\/p>\n Dune<\/a> analytics data shows that Ether deposits on Lido are nearing 10 million ETH, as the protocol hasn\u2019t seen any net outflows since Dec. 19th. Currently, Lido Staked Ether accounts for 35% of all EH deposits on EigenLayer, one of the leading platforms that provide access to the Ethereum staked capital.<\/p>\n Lido Staked Ether<\/a> represents a tokenized version of staked Ethereum in the Ethereum 2.0 Beacon Chain, facilitated by the Lido decentralized finance (defi) protocol. Lido enables users to stake their Ethereum without locking the assets or maintaining staking infrastructure, thereby addressing some of the key limitations associated with the Ethereum 2.0 staking mechanism.<\/p>\n At the same time, XRP<\/a> is underperforming the market rally, losing nearly 2.5% in a week. Despite Bitcoin, Ethereum, and Solana recording notable gains today, XRP\u2019s price has only seen a 0.5% increase.\u00a0<\/p>\n XRP traders are showing a rather cautious sentiment in the market, as the ongoing battle with the SEC is still far from over. If the ruling favors the SEC, it could see XRP paying $2.64 billion in penalties<\/a>, making 2024 the most profitable financial year for the commission.\u00a0<\/p>\n Despite XRP\u2019s disappointing performance this year, whales have invested $40 million<\/a> in XRP over the last 10 days. This could suggest a potential buying the dip for the altcoin, which could eventually push XRP to break beyond its resistance level at $0.58 in March.\u00a0<\/p>\n![\"Lido](\"https:\/\/crypto.news\/app\/uploads\/2024\/02\/Screenshot-2024-02-26-204525-1024x484.png.webp\"\/)
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