How High XRP Price Needs to Rise to Dethrone Ethereum (ETH)

XRP is gearing up for a major comeback against Ethereum (ETH) despite its underperformance in recent years in a very dynamic cryptocurrency market.

Since March 2020, XRP’s struggles have led to a staggering divergence in market capitalization between XRP and Ethereum, two cryptocurrencies that once vied neck and neck for the coveted second spot in the market hierarchy. This prolonged underperformance has resulted in a significant chasm between the two assets, a far cry from their earlier days of intense competition.

XRP’s Quest for the Second Position

Before the emergence of Ethereum, XRP and Litecoin engaged in a fierce battle for the second spot in market capitalization. However, the dynamics shifted with Ethereum’s entrance into the market in July 2015.

XRP surpassed Litecoin but soon found itself in a new rivalry with Ethereum. The two assets seesawed in value until January 2018, when XRP reached its all-time high of $3.3, momentarily taking the lead. Nevertheless, Ethereum ultimately gained dominance, setting the stage for the current market landscape.

Following its impressive peak, XRP experienced a sharp decline, relinquishing its grip on the second spot again. A stark contrast has emerged since March 2020, with Ethereum leaving XRP in its dust, according to market data.

This significant divergence has catapulted Ethereum’s market capitalization into the stratosphere, surpassing the $100 billion milestone, while XRP’s valuation remains stuck in the doldrums, struggling to breach the $40 billion mark.

Currently sitting in the second position, Ethereum’s market capitalization vastly surpasses XRP’s, with the latter occupying the seventh position in the market capitalization rankings at the time of press.

However, despite the prevailing bearish sentiment, some analysts anticipate an imminent reversal in XRP’s fortunes, projecting a significant rally that could propel it back to the second position, dethroning Ethereum.

The Price XRP Needs to Flip Ethereum

To surpass Ethereum’s market capitalization of $383.5 billion, XRP would need to hit a price of $6.873, assuming its circulating supply remains constant at 55.805 billion. This would mark a whopping 1,172% increase from its current price of $0.54.

While this may seem like a daunting task, some market analysts are bullish on XRP’s prospects. EGRAG, a crypto analyst, predicts a minimum target of $6.4, aligning with the 1.618 Fibonacci retracement point.

Other analysts have remained optimistic on the potentials of XRP, Mikybull in April, shared his bullish outlook on XRP, forecasting a swift surge to the $6 mark. Similarly, DustyBC, another expert, anticipates a robust rally to $6 during the next bull run. Echoing this optimism, Cryptobilbuwoo, a keen market observer, made a comparable prediction last October.

XRP is among the top gainers over the past week, with a relatively 24% increase. With its potential rally, XRP could reclaim its spot as the second-largest cryptocurrency, leaving Ethereum in its wake.

Will XRP achieve this remarkable feat? Only time will tell, but one thing is certain – the cryptocurrency market is full of surprises, and XRP’s potential rally is one to watch.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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Adedoyin Aka

Adedoyin is a graduate of Law and a Crypto & Blockchain expert who strongly believes that Blockchain is the future. At TimesTabloid, she focuses on crypto and blockchain educational content.