- Ripple-issued XRP’s price has grown 433% since November.
- Experts predict it may be about to become bigger than Ethereum.
The market value of XRP may soon overtake Ethereum again after the Ripple-issued crypto rallied 22% this week, several prominent crypto traders and influencers say.
At Ethereum’s price of $3,203, XRP’s market value will flip it if it hits $6.75 per token — a 138% increase from its current price of $2.83.
“I unironically think XRP has the ability to temporarily flip ETH and if everything goes crazy maybe even BTC,” DonAlt, a pseudonymous crypto trader with 646,000 followers, said on X.
Several other large accounts have posted similar predictions despite XRP’s total market value being close to $164 billion — not even half of Ethereum’s $397 billion. That’s a market value gap of $233 billion that XRP would need to plug to topple Ethereum as the world’s second biggest crypto.
However, the world’s second biggest crypto has failed to keep up with the growth of Bitcoin, Solana and XRP in recent months. Since November, XRP has rallied 433% while Ethereum’s Ether token traded up just 27%.
XRP overtook Tether as the third largest crypto earlier in January. If XRP overtakes Ethereum it will signal a monumental shift in the crypto market and add to Ethereum’s woes.
The last time the market valued XRP higher than Ethereum was in January 2018.
During the 2021 bull market, Ethereum’s faithfuls speculated that the asset could one day flip the market value of Bitcoin, an event dubbed “the flippening.” Fast-forward four years, and now XRP bulls are talking about a different kind of flippening.
‘Huge win for Ripple’
Several developments have buoyed XRP’s price in recent weeks.
With the imminent resignation of anti-crypto Securities and Exchange Commission Chair Gary Gensler, the regulator’s drawn-out court case against XRP parent company Ripple could soon end.
“Should the SEC appeal be dismissed, or should the incoming SEC leadership choose to settle instead, this would be a huge win for Ripple,” GSR research analyst Carlos Guzman previously told DL News.
Earlier this month, Ripple kicked off a US hiring spree as CEO Brad Garlinghouse said on X that the crypto company had done more business stateside in the last six weeks of 2024 than in the previous six months.
“Say what you want, but the ‘Trump effect’ is already making crypto great again,” Garlinghouse said, referencing the expectation that the president-elect will usher in more crypto-friendly regulations in the US that’ll enable the industry to grow explosively.
Google search interest for XRP also surpassed Bitcoin for the first time ever today, signaling increasing interest among investors.
But there may also be headwinds.
A Monday investor note from JPMorgan argued that demand for a potential XRP exchange-traded fund might not be as high as bulls expect.
The bank predicted an XRP ETF could draw in around $8 billion — only a fraction of the capital that flowed into Bitcoin and Ethereum ETFs.
Crypto market movers
- Bitcoin has rallied 3% over the past 24 hours to reach $99,205.
- Ethereum is up 3% over the same period to $3,304.
What we’re reading
- Meet the activist pushing Big Tech to copy MicroStrategy and embrace Bitcoin ― DL News
- Global M2 is down. Will $BTC follow? ― Milk Road
- Ethereum Accounts to Post on Social Media More After Criticism ― Unchained
- Singapore, Thailand Move to Block Crypto Betting Site Polymarket ― Bloomberg
- Outrage mounts as Dogwifhat influencers sit on $700,000 meant for Las Vegas Sphere stunt ― DL News
Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at tim@dlnews.com.
