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In an interview, Ripple CEO Brad Garlinghouse recalled when XRP's market capitalization surpassed Ethereum, second only to Bitcoin. He took advantage of this historic moment to highlight XRP's strong position in the cryptocurrency market, implying that XRP will eventually warrant ETF listing, mirroring Ethereum and Bitcoin.
CoinMarketCap data confirms this historic feat. On January 7, 2018, XRP boasted a market capitalization of $130 billion, eclipsing Ethereum's $111 billion. At the time, XRP was trading at $3.30. However, XRP's fortunes have since reversed, with a current position in seventh place and a price of $0.52.
Garlinghouse further suggested that XRP's pre-SEC surveillance value far exceeds that of Ethereum. This implies that the SEC's actions could be detrimental to XRP while benefiting Ethereum.
Community commentator Zach Rector interpreted Garlinghouse's comments as a sign of confidence in XRP's ability to regain dominance over Ethereum. “Would he keep bringing this up if it didn't happen again?” The principal asked a question.
However, pro-XRP lawyer Bill Morgan has offered a counterpoint. While acknowledging the controversial impact of the SEC's free speech on Ethereum, Morgan argued that XRP has achieved a more important legal victory. He highlighted a US federal court order classifying XRP as not a security.
That may be so, but then XRP has achieved something more than the speech of a high-ranking SEC official. It received a court order that the token itself is not a security. 11 months later and the XRP price is barely above its pre-ruling level despite the entire… https://t.co/XuDcUJVs6q
— Morgan Bill (@Belisarius2020) June 5, 2024
Despite this legal victory, Morgan noted that XRP's price is virtually unchanged 11 months later, even amid a broader bull market. He cautioned against attributing the price performance gap between XRP and Ethereum solely to the SEC's actions.
The post Ripple CEO revives XRP vs Ethereum debate: Can XRP bounce back? appeared first on Coin Edition.
