Despite the volatility seen across the crypto space, XRP's strong fundamentals and market adoption have set it apart from its competitors
In a recent development, Ripple’s native token, XRP, has experienced significant growth, notably outperforming Bitcoin in recent months. As reported by CCXV, the cryptocurrency market has seen substantial shifts, with major altcoins like Solana (SOL) and Dogecoin (DOGE) posting triple-digit losses against Bitcoin (BTC). However, despite the volatility, XRP has managed to maintain a positive trajectory.
As the U.S. election approaches in November 2024, the crypto space has seen a shift in favor of altcoins, with three out of 57 altcoins outperforming Bitcoin over the last 60 days. While Bitcoin recorded a negative return of -8.39%, XRP has seen impressive gains of 339%. This stands in stark contrast to the performance of other major altcoins.
For instance, Ethereum (ETH) has posted a loss of 60% against BTC, Solana (SOL) is down 50%, and Dogecoin (DOGE) has seen a decrease of 30% over the same period. However, XRP has consistently grown, a testament to its strong fundamentals and market adoption.
One of the most striking indicators of XRP’s success is the growth of its network. Over the past year, the total number of XRP Ledger (XRPL) addresses has surged from 5.5 million to 6.7 million. This represents an increase of 1.2 million addresses, a clear sign of adoption. In comparison, Bitcoin has only seen an increase of 100k addresses in the same time frame.
Moreover, the circulating market cap dominance of XRP has seen a notable rise, increasing from 1.09% to 5%. This increase in market cap dominance reflects a growing interest in XRP, as the coin has flipped competitors such as Solana (SOL) and Tether (USDT) in terms of market cap. XRP’s market cap has risen from $23 billion to $188 billion, reflecting a 315% rally. This has helped solidify XRP’s position as one of the most valuable cryptocurrencies, with a strong following among investors seeking alternatives to Bitcoin.
However, it’s important to note that Bitcoin remains the dominant player in the market. Although XRP is making strides, overtaking Bitcoin is still a long-term prospect. For now, XRP’s immediate goal is to strengthen its position in the altcoin market and potentially challenge Ethereum, the second-largest cryptocurrency, for dominance.
As legal hurdles for Ripple clear, which has further fueled investor optimism. With uncertainties surrounding Ripple’s case with the U.S. Securities and Exchange Commission (SEC) gradually dissolving, XRP could see even more support from the market. With these obstacles slowly fading, Ripple’s growth trajectory looks promising, potentially positioning XRP as a serious competitor to Ethereum in the coming months.
In the short term, XRP’s primary goal is to reclaim its all-time high (ATH) of $3.8 and target a market cap of $200 billion. While surpassing Bitcoin is unlikely in the immediate future, XRP is well on its way to securing a stronger market position. For now, Bitcoin remains the dominant force in the market, but XRP’s steady growth could pave the way for it to challenge Ethereum, making it one of the most exciting altcoins to watch in 2025.
