Ripple’s (XRP) price has witnessed enormous growth this year with over 470% rise from its yearly lows. The recent developments and several micro-economic factors have played out well in favour of XRP with it soaring to new highs as crypto market recovers from a latest dip.
On January 16, XRP managed to break through the much anticipated price mark of $3, which it saw last time years ago in 2018. Now as Bitcoin and other cryptocurrencies are surging, XRP has also renowned investors’ interest with it approaching the new all time high.
The current Altcoin market is largely dominated by ETH, with it accounting for approximately 11.67% of the total crypto market cap. However, as XRP is climbing up too quickly, Ethereum’s market dominance is in question.
Since November 2024, when XRP price started to accelerate, Ripple has constantly remained in headlines. The launch of RLUSD stablecoin and expectations for a potential XRP ETF approval this year has significantly enhanced Ripple’s market sentiment. All these news have combined pushed XRP price to rise above a new all-time high on 16th January.
Ethereum, on the other hand, has kept underperforming for the past couple of years with it barely increasing 29% since 1st January. Thanks to recent gains in Bitcoin price, ETH price has managed to recover its past highs despite Ethereum’s decreased network usage.
Can Ripple Surpass Ethereum’s Market Cap?
As XRP price continues to surge, the crypto community is abuzz with Ripple’s potential to overcome Ethereum’s market cap. The current market cap of Ripple stands at $189 billion, which is 110% lower than Ethereum’s whopping $412 billion. To surge past this milestone, XRP price would need to rise above $7.5 – an unbelievable but viable price mark.
Given that Ripple is going through a major sentiment shift, several analysts are expecting that it could potentially compete with Ethereum in positioning itself as the second largest blockchain network.
Whether Ripple surpasses Ethereum’s market cap or not, XRP is poised to attain massive price growth in coming months. Its popularity among investors has also increased significantly as XRPScan shows notable growth in the number of active and new accounts. Now we have to wait and see how optimism around XRP ETF plays out in its journey to become the largest altcoin.
Read: XRP Price Could Soar to $10-$50 with ETF Approval: ChatGPT
