After a recent rally driven by the Ripple v SEC ruling, XRP has overtaken BNB in terms of market capitalization and is in fourth place, albeit by a small margin.
Because of its potential, some market watchers are discussing the possibility of XRP overtaking Tether (USDT), Ethereum (ETH), or even the original cryptocurrency, Bitcoin (BTC). How much will one XRP coin cost then?
In a recent tweet by Patrick Riley, US presidential candidate from the 2024 Republican Party, confidently stated that XRP will overthrow bitcoin (BTC) as the main cryptocurrency.
Riley claimsthat, trading at just $11, XRP will surpass Bitcoin in its longtime market dominance. The US presidential candidate said it was not an “if” but a “when” question, urging the XRP community to guess when that could happen.
One Twitter user also tried to calculate how much XRP should be worth to climb to the top spot:
If XRP replaces USDT (Tether) in 3rd place, the price will be $1.60 per XRP.
If XRP replaces ETH (Ethereum) in second place, the price will be $4.80 per XRP.
If XRP replaces BTC (Bitcoin) in first place, the price will be $9.60 per XRP.
— Vincent Kennedy (@VincentCrypt46) July 20, 2023
As the largest stablecoin, USDT boasts an impressive market capitalization of $83.81 billion. This market capitalization makes USDT the third largest crypto asset after BTC and ETH. The market capitalization of XRP is now less than half that of USDT, at $40.54 billion, with a circulating supply of $52.5 billion.
XRP is currently trading at $0.7714 as of the reporting date. Vincent rightly emphasized that XRP’s goal of overtaking USDT will only be realized if the asset can rise to the $1.60 price territory.
This would mean an increase of 107%. Industry participants believe that this price target is achievable given that it is below XRP’s all-time high.
It may be easier for XRP to overtake USDT, but it may be more difficult for Ethereum to take the position. ETH has a market capitalization of $227.64 billion, solidifying its position as the second largest crypto asset. The valuation of ETH is almost three times the value of USDT.
According to Vincent, for XRP to overtake ETH in terms of market cap, it needs to rise to $4.80. However, given its current amount in circulation, a rally to $4.30 would be enough for XRP to overtake Ethereum as the second largest crypto asset. This would require a 457% increase.
It is worth noting that in past XRP has overtaken Ethereum in terms of market capitalization more than once. Notably, XRP’s price rises in 2017 and 2018 saw the asset rise enough to dislodge ETH from second place three times.
As the world’s first cryptocurrency, Bitcoin remains the leading crypto asset in the market. BTC has not lost this position to any other cryptocurrency throughout its history. As a result, the goal of XRP to topple this asset will not be an easy task. For XRP to overtake Bitcoin, it needs to soar a whopping 1338% to price. at 11.1 dollars. Vincent estimated this figure at $9.6.
However, these forecasts are only valid if other assets remain the same. This is unlikely to happen due to the close correlation between assets in the crypto market, with the exception of USDT.