XRP's Market Cap Slides, Ethereum Holds Firm in Second Place
XRP, the cryptocurrency once in second place by market capitalization, has now fallen to the sixth spot. Ethereum continues to hold its position, despite XRP's attempts to reclaim the spot.
XRP, currently valued at $28.5 billion, has slipped down the rankings among the largest crypto assets. Its current price stands at around $0.52, a far cry from its previous glory days. In its prime, XRP sat in second place only to Bitcoin in market cap, surpassing Litecoin in 2015. However, Ethereum swooped in and took over in 2016, relegating XRP to third place.
The battle between XRP and Ethereum for the second spot continued from 2016 to 2018, with XRP briefly reclaiming its position in December 2017 when its market cap skyrocketed to $95.8 billion. But, Ethereum quickly regained its position in the rankings, leaving XRP in its dust.
While Ethereum has stood firm in second place, XRP has faced numerous challenges, including a lawsuit from the SEC in December 2020. Despite these obstacles, Ethereum's market cap reached an impressive $575 billion in November 2021, while XRP lagged behind at a valuation of only $60 billion.
Recently, XRP's market cap has plummeted even further, now sitting in the sixth spot among crypto assets with a valuation of $28.5 billion. Its fall from grace is apparent.
However, if XRP were to follow a similar growth trajectory to Ethereum's and reach a market cap of $299 billion, its price could surge to $5.53. Based on its current circulating supply of 54.5 billion coins, this price would mark a new all-time high for XRP. It would require an astonishing 957% increase from its current value to hit $5.53.
For comparison, if XRP were to achieve the same market cap as Bitcoin's $1 trillion, its price could soar to approximately $18. While this may seem like a lofty goal, it highlights the potential for XRP to regain its standing among the top cryptocurrencies.
It's important to note that the information provided is for informational purposes only and should not be considered financial advice. Investors should conduct their own research before making any investment decisions.
Analyst comment
Positive news: XRP is currently the sixth-largest crypto asset by market cap, and if it were to capture Ethereum’s market cap, its price could rise to $5.53. XRP’s price could also reach $18 if it achieves a $1 trillion market cap like Bitcoin.
Analyst’s view: XRP has the potential for significant price growth if it can regain its market position and replicate Ethereum’s growth trajectory. However, the market is volatile, and the outcome will depend on various factors such as market demand, regulatory developments, and investor sentiment.
