Will History Repeat? Can XRP Dethrone Ethereum as the Second Largest Cryptocurrency with a Bull Wind Behind It?

XRP, With a 22% rise this week, it will soon become a market cap among leading traders and influencers. Ethereum’u (ETH) It led to speculation that it might pass.

From Ethereum’s current price of $3,203, XRP would need to rise to $6.75 per token (a 134% increase from its current value of $2.94) to surpass Ethereum’s $397 billion market cap. XRP’s current market cap stands at approximately $164 billion, leaving a gap of $233 billion.

In 2018, XRP temporarily surpassed Ethereum to become the second largest cryptocurrency in the world.

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XRP surpassed Tether (USDT) earlier this month to become the third largest cryptocurrency. The token’s recent growth has outpaced Ethereum, Bitcoin, and Solana, with XRP rising 433% since November compared to Ethereum’s 27% rise in the same period.

This potential “flippening” reflects Ethereum enthusiasts’ earlier hopes that ETH could one day surpass Bitcoin’s market cap, a milestone that remains elusive. XRP last surpassed Ethereum in January 2018, during the previous bull market.

Several factors fueled XRP’s recent price increase:

• SEC Leadership Change: The expected resignation of Securities and Exchange Commission (SEC) Chairman Gary Gensler has led to optimism about a resolution in the regulator’s ongoing legal battle with Ripple. Market observers believe that a rejection of the SEC appeal or a settlement under new leadership could significantly improve XRP’s outlook.
• Ripple’s Business Expansion: Ripple has stepped up its hiring efforts in the US, with CEO Brad Garlinghouse noting an increase in local business activity. Garlinghouse attributed this momentum to a potential shift toward more crypto-friendly policies under President-elect Donald Trump’s administration.
• Bull Market Sentiment: XRP’s performance has attracted the attention of both retail and institutional investors. But JPMorgan analysts warned in a recent note that demand for the XRP exchange-traded fund (ETF) may not be as strong as expected, predicting inflows of around $8 billion, well below the capital attracted by Bitcoin and Ethereum ETFs.

*This is not investment advice.