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Reaching the $1 mark has become a major milestone for Ripple’s XRP and Dogecoin (DOGE), catching the eye of investors, analysts, and traders. Recently, Ripple’s XRP made news by breaking past $1 for the first time since November 2021. This jump comes during a time when the entire crypto market is buzzing, with coins like Bitcoin and Ethereum shifting in price. As of November 16, 2024, XRP has shot up by 25% in just 24 hours, showing a strong recovery after facing years of hurdles and regulatory challenges, according to CNF’s XRP Price Index.
XRP Flip Dogecoin In a $1 Race
Ripple’s XRP has been rising fast, leaving behind other big cryptocurrencies like Dogecoin. While the wider market has been struggling, XRP stands out as one of the top performers among the 100 largest cryptocurrencies, with a gain of 15% on November 14th, as CNF previously covered. XRP’s recent gains are driven by a mix of factors, including growing confidence from investors and better regulatory conditions.
The XRP’s recent price jump to $1 is particularly important because it’s the first time XRP has reached over $1 since November 2021. In the last day, its value has surged by almost 26%, making waves in the market and showing that Ripple is bouncing back after facing challenges, including a long-running legal fight with the SEC.
What’s Behind XRP’s Rally?
XRP’s recent rise seems to be tied to a few key factors. First, Ripple settled its lawsuit with the SEC, paying a $125 million fine. This cleared the way for Ripple to focus on growing its business, free from the constant threat of legal action. With that weight lifted, investors, who had been holding back due to the legal uncertainty, are now feeling more confident.
In addition, XRP has been a go-to choice for cross-border payments for years, and its role in the financial world is only getting stronger. As rules around cryptocurrencies become clearer, especially with talks of changes at the SEC, XRP could be in a prime spot to take advantage of the growing investor interest.
XRP vs. Dogecoin: The Battle for $1
While XRP is gaining traction, Dogecoin, with its impressive 80% gain in the past week, is struggling to reach the same heights as XRP. Currently, Dogecoin is valued at $0.3730, far from its peak of $0.7376. For Dogecoin to hit $1, its market value would need to grow nearly five times, requiring a huge influx of money to rise in demand.
Even though Dogecoin has had some jaw-dropping moments, like a 30,700% jump in 2021, hitting $1 now seems more difficult. Crypto expert Ali Martinez points out that while Dogecoin has made big gains before, it’s also experienced sharp drops. Still, with a market cap of $30 billion and 144 billion DOGE tokens in circulation, reaching $1 isn’t completely out of reach, though it would take a lot of work.
Can XRP Overtake Ethereum?
With XRP’s upward trajectory, many are starting to wonder if it could eventually take the second spot in the cryptocurrency rankings, challenging Ethereum. Right now, Ethereum holds the second position with a market value of about $380 billion, while XRP sits in sixth place at $62 billion. However, recent positive news for Ripple, such as getting approval from the DFSA to expand in the UAE, has made some believe that XRP could close the gap and move up.
Crypto analyst Dark Defender thinks several factors could help XRP reach Ethereum’s market cap. These include Ripple’s push into new markets, like Central Bank Digital Currencies (CBDCs), and the possibility of launching a Dirham-backed stablecoin in the UAE. On top of that, if the U.S. becomes more crypto-friendly under President Trump, XRP might get an extra boost.
However, overtaking Ethereum won’t be simple. Ethereum has a strong position, with its growth in decentralized finance (DeFi) and smart contracts. XRP will need to keep innovating, gain more adoption, and rely on favorable market conditions to make up the distance. The chance is there, but it won’t happen overnight.
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