Would ranked choice voting make it easier for third parties to be elected and help eliminate the two-party monopoly?

Would ranked choice voting make it easier for third parties to be elected and help eliminate the two-party monopoly?

RCV allows voters the option to rank candidates in order of preference: one, two, three, and four. If your vote cannot help your top choice win, your vote counts for your next choice.

If a candidate receives more than half of the first choices in races where voters elect one winner, that candidate wins, just like in a single-choice election. However, if there is no majority winner after counting first choices, the race is decided by an "instant runoff." The candidate with the fewest votes is eliminated, and voters who picked that candidate as ‘number 1’ will have their votes count for their next choice. This process continues until a candidate wins with more than half of the vote.

Would ranked choice voting make it easier for third parties to be elected and help eliminate the two-party monopoly?
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