Date: December 3, 2024
Written By: Sam Wisdom Raphael
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The cryptocurrency world is buzzing with excitement as XRP’s recent performance has positioned it as a strong contender to flip Ethereum and reclaim the second spot among the largest crypto assets. With a rally of less than 200% needed from its current position, XRP could soon challenge Ethereum’s market cap dominance.
XRP’s Ascendancy in the Crypto Market
XRP has transformed from one of the worst performers to the biggest gainer over the past month. On December 1, 2024, XRP not only surpassed its 2021 peak of $1.96 but also reclaimed the $2 price mark. This surge pushed XRP to seven-year highs, helping it achieve a market cap of over $100 billion and eventually reaching a new all-time high market cap of approximately $160 billion.
A Look Back: XRP’s Historic Performance
Back in late 2017 and early 2018, XRP held the second spot by market capitalization, only trailing Bitcoin. On January 7, 2018, during the peak of the crypto bull market, XRP reached an all-time high of $3.40, with a market cap around $130 billion. Fast forward to December 2024, XRP has surged past Binance Coin (BNB), Solana (SOL), and Tether (USDT), securing its position as the third-largest crypto asset.
The Path to Flipping Ethereum
Currently valued at $156.8 billion and priced at $2.75 per coin, XRP is eyeing Ethereum’s market cap of $439.6 billion. To surpass Ethereum, XRP would need to reach a valuation of at least $440 billion. With a circulating supply of 57.051 billion tokens, this translates to a target price of $7.71 per coin—a rally of 180% from its current price.
In November 2024, XRP experienced a massive 283% rally. If XRP can replicate this performance, reaching the $7.71 mark is within the realm of possibility. For context, during the 2017/2018 bull run, XRP saw a staggering 60,000% increase, hitting an all-time high of $3.31. The rally began with a 284% increase in March 2017, followed by a 143% gain in April 2017, and an additional 374% rise in the subsequent month.
Potential Challenges and Considerations
While the trajectory looks promising, it’s crucial to consider that this assessment assumes Ethereum’s price remains relatively stagnant. Should Ethereum experience a significant price increase, XRP would need to surge even higher to surpass it. Additionally, market dynamics, regulatory developments, and investor sentiment will play crucial roles in shaping XRP’s future performance.
Conclusion
XRP’s recent momentum and historical performance suggest that flipping Ethereum and reclaiming the second spot is an achievable milestone. With a rally of less than 200%, XRP could potentially reach the $7.71 mark, positioning itself as a formidable contender in the crypto market. As the crypto community watches closely, the coming months will be pivotal in determining whether XRP can replicate its past successes and achieve new heights.
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