Market analyst Cryptoes is looking out for a fresh XRP uptrend in the long run, as data suggests XRP has continued to outperform Ethereum (ETH) in 2023 despite recent trends.
Taking to X, Cryptoes shared combined charts detailing XRP’s price movements on a weekly timeframe, and Ethereum’s price movements within the same timeframe. The period of interest spans January 2023 through December 2023.
Cryptoes called attention to XRP’s price action throughout this year, which has been primarily encouraging. However, the recollection was necessary amid the waning optimism among XRP investors, as the crypto asset fails to capitalize fully on the recent Bitcoin uptrend.
XRP Outperforms Ethereum
Data from Cryptoes’ chart suggests that XRP has appreciated 116% this year. XRP began January 2023 on a bullish standing, following three consecutive months of decline from October to December 2022.
The cryptocurrency closed January 2023 at $0.4057 amid a 19.68% increase. This increase ended its monthly losing streak. XRP has continued to register intermittent upswings and declines since then. As of press time, the asset changes hands at $0.6330.
According to Cryptoes’ disclosure, Ethereum has also recorded a similar bullish year, but its rate of growth has slowed in comparison to XRP’s. Data from the chart suggests that Ethereum has appreciated 91% since the start of 2023.
Despite XRP’s substantial price upsurge this year, Cryptoes pointed out that the asset still has a long way to go before it can catch up to Ethereum in terms of market capitalization. Notably, ETH boasts a market cap of $270.5 billion, while XRP’s market cap stands at $34 billion.
A Potential Fresh Uptrend
Ethereum’s market cap is nearly eight times XRP’s. At the current figures, XRP would need to soar 706% from its current price to a value of $5.08 to hit Ethereum’s market cap. While most market watchers have discussed the possibility of this surge, it remains uncertain.
Citing the current realities, Cryptoes disclosed that he was looking out for a fresh and long-term uptrend for XRP. The Crypto Basic recently revealed that XRP witnessed a similar dull performance at the start of the bull run in 2017. However, the asset eventually outperformed Bitcoin and other tokens.
XRP is up 4.68% over the past week, while ETH has rallied 9.8%. However, interest in XRP remains on the high side, with trade volume seeing a 19% surge in the last 24 hours to $1,936,448,897.