XRP would need to rally by as much as 1,223% to finally flip Ethereum as the second-largest cryptocurrency in the market.
The XRP community has continued to bemoan the underperformance witnessed with XRP over the past few years. This persistent underperformance since March 2020 has created a massive gap in market cap between XRP and Ethereum, two assets that continuously competed closely for the second spot in the early days.
XRP’s Battles for Second Spot
Before Ethereum’s launch in July 2015, XRP battled with Litecoin for the second spot on the list of largest assets by market cap. After Ethereum launched, XRP transcended Litecoin, but instead began a new battle with ETH. Ethereum gained the upper hand until January 2018 when XRP hit its ATH of $3.3.
However, amid the correction from this peak, XRP dropped below the second spot again. Market data confirms that since March 2020, Ethereum (red) has outperformed XRP (blue) by a mile. This has led to ETH’s market cap skyrocketing to the hundred-billionth level, while XRP’s valuation remains below $40 billion.
Currently, Ethereum boasts a market cap of $377.2 billion, while XRP’s market cap currently stands at $28.58 billion. XRP has now moved below the top 5 assets by market cap, with its current position being seventh. Despite the bearish reality, some market watchers project an imminent rally. Some of the expected targets could help XRP recover the second spot.
How Much XRP Must Rise to Flip Ethereum
Amid these predictions, we recently assessed how much XRP needs to rally to reclaim the position as the second-largest cryptocurrency. For context, XRP must surpass Ethereum’s $377.2 billion valuation to reach this feat. This would mark a new all-time high valuation for the asset.
Supposing XRP’s circulating supply remains fairly constant at 55.805 billion, the token would need to hit a price of $6.76 to claim a $377.2 billion market cap. With XRP currently changing hands at $0.5112, a massive 1,223% rally is necessary to clinch the $6.76 price level.
Notably, the $6 territory is one of the multiple targets set by market analysts. Interestingly, this $6 price level represents the lower end of these projections. Last month, crypto analyst EGRAG suggested that XRP could reach a minimum target of $6.4. His chart indicated that this target level aligns with the 1.618 Fibonacci retracement point.
Moreover, Mikybull, a Bitcoin analyst, disclosed in April that he expects XRP to clinch the $6 level soon. DustyBC, another analyst, predicts a rally to $6 during the bull run. Last October, market watcher Cryptobilbuwoo made a similar projection. Meanwhile, currently, XRP is among the top gainers over the last 24 hours, having spiked 10.45%.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
