According to U.Today, the crypto market is closely watching the competition between two major cryptocurrencies, XRP and Dogecoin (DOGE), as they compete for positions in the market capitalization rankings. As per CoinMarketCap data, XRP currently holds the seventh spot in the market ranking with a market capitalization of $26.62 billion. The digital asset operates on the XRP Ledger, a decentralized layer-1 blockchain that has hosted over 1,000 projects and processed over 2.8 billion transactions since 2012. It also supports over five million active wallets through a network of over 120 validators.
Following closely is Dogecoin, the dog-themed cryptocurrency and the first parody coin, which has established its place in the crypto community. Dogecoin ranks eighth in the crypto rankings, with a market capitalization of $19.77 billion. Despite its initial creation as a joke, Dogecoin has emerged as a serious competitor in the crypto market. The difference in the market capitalizations of both cryptocurrencies is over $7 billion, which is significant. It would require a substantial move for Dogecoin to surpass XRP and rank as the seventh largest cryptocurrency.
As the situation progresses, the price movements of XRP and Dogecoin will be under scrutiny. The question remains whether Dogecoin will overtake XRP, or if XRP will retain its lead in the crypto market rankings. The crypto market is known for its surprises, and the rankings of XRP and Dogecoin could change rapidly based on market sentiment, regulatory news, technological advancements, and macroeconomic factors. The market is closely monitoring these developments to predict the price trajectories of these digital assets. At the time of writing, DOGE had fallen 4.14% in the previous 24 hours to $0.136, while XRP rose 0.02% in the last 24 hours to $0.479.