Ripple's CEO recently reflected on when XRP surpassed Ethereum in market value.
Brad Garlinghouse used this story to argue that XRP would eventually warrant an ETF.
Zach Rector believes the reference suggests the belief that XRP could once again overtake Ethereum.
In an interview, Ripple CEO Brad Garlinghouse recalled a time when XRP's market capitalization surpassed that of Ethereum, second only to Bitcoin. He used this historic moment to emphasize XRP's strong position in the crypto market, implying that XRP would eventually secure an ETF listing, mirroring Ethereum and Bitcoin.
Data from CoinMarketCap confirms this historic feat. As of January 7, 2018, XRP boasted a market cap of $130 billion, surpassing Ethereum's $111 billion. At that time, XRP was trading at $3.30. However, XRP's fortunes have since reversed, with its current ranking of seventh and a price of $0.52.
Garlinghouse further suggested that XRP's pre-SEC scrutiny value surpassed that of Ethereum. This implies that the SEC's actions may have disproportionately harmed XRP while benefiting Ethereum at the same time.
Community commentator Zach Rector interpreted Garlinghouse's comments as a sign of belief in XRP's ability to regain dominance over Ethereum. “Would he keep bringing this up if it didn’t happen again?” Dean questioned.
However, pro-XRP advocate Bill Morgan offered a counterpoint. While acknowledging the debatable impact of the SEC's “free pass” speech on Ethereum, Morgan argued that XRP achieved a more significant legal victory. He highlighted a US federal court order classifying XRP itself as not a security.
That may be so, but XRP got something better than the speech of a high-ranking SEC official. Obtained a court order that the token itself is not a security. 11 months later and the price of XRP is barely above what it was before that trial, although the whole… https://t.co/XuDcUJVs6q
— Bill Morgan (@Belisarius2020) June 5, 2024
Despite this legal victory, Morgan noted that the price of XRP has remained largely unchanged 11 months later, even amid a broader market bull run. He cautioned against attributing the disparity in price performance between XRP and Ethereum solely to SEC actions.
Ripple CEO post revives the XRP vs. Ethereum: Can XRP Rise Again? appeared first on Coin Edition.
