Crypto analyst Dark Defender has stated that the XRP price will flip the Ethereum price in this market cycle in terms of market cap. He outlined reasons why this is possible and went on to declare that XRP could take over its crown from Bitcoin.
Why The XRP Price Can Flip The Ethereum Price
In an X post, Dark Defender outlined five reasons why the XRP price can flip the Ethereum price. First, he cited Judge Analisa Torres’ ruling that XRP is not a security in itself, which he believes is a huge positive for the coin.
Secondly, he alluded to the numerous developments that Ripple has secured. While he didn’t mention these developments, this could include recent developments such as the crypto firm gaining the DFSA approval to expand its payment services to the UAE.
Dark Defender further alluded to Central Bank Digital Currencies (CBDCs) and upcoming currencies such as the RLUSD stablecoin, which is another reason he is confident that the XRP price can flip the Ethereum price. A recent development also indicates that Ripple is eyeing a potential Dirham-backed stablecoin launch in the UAE.
Lastly, the analyst mentioned that the US is set to become a crypto-friendly environment under pro-crypto President-elect Donald Trump. Despite these reasons, XRP will flipping Ethereum will be a huge task.
Ethereum is currently the second-largest crypto with a market cap of $365 billion, while XRP is the seventh-largest crypto with a market cap of $31 billion. However, it is worth mentioning that XRP was the second-largest crypto ten years ago, just behind Bitcoin.
Time To Also Dominate Bitcoin
Dark Defender also indicated that the XRP price could challenge Bitcoin’s dominance for the reasons he mentioned. He remarked that XRP will take over its crown from BTC by being the only crypto asset with regulatory clarity.
However, Bitcoin’s non-security status has never really been in doubt. The US Securities and Exchange Commission (SEC) Chair Gary Gensler has admitted that the flagship crypto isn’t a security. This is also why the Commission didn’t object to issuers filing S-1 forms for the Bitcoin ETFs before their subsequent approval.
Meanwhile, the analyst also suggested that a bull run is set to soon begin for the XRP price. Specifically, he said this XRP bull run will begin on November 24. He is confident this will happen because he claims that Bitcoin Dominance has had its reversal in the monthly RSI as it did in January 2021. When this happened in 2021, XRP rallied from $0.170 to $1.966.
Crypto analyst Mikybull Crypto also provided a bullish outlook for the XRP price. In an X post, he stated that a huge acceleration is coming. He cited the coin’s performance after the past election cycles, and a massive rally usually follows. The accompanying chart he shared showed that $19 was a possible target.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
By CoinGape
Source: CoinGape
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