Reaching the $1 mark has become a major milestone for Ripple’s XRP and Dogecoin (DOGE), attracting attention from investors, analysts and traders. Recently, Ripple’s of price. As of November 16, 2024, XRP soared 25% in just 24 hours, showing a strong recovery after facing years of regulatory hurdles and challenges, according to CNF. XRP Price Index.
XRP Flip Dogecoin in a Race to $1
Ripple’s XRP has been rising rapidly, leaving other major cryptocurrencies like Dogecoin behind. While the market as a whole is struggling, XRP stands out as one of the best performers among the top 100 cryptocurrencies, with a 15% gain on November 14, as noted in the report. CNF previously covered. XRP’s recent gains are due to a combination of factors, including growing investor confidence and better regulatory conditions.
The recent rise in the price of the market and showing that Ripple is rebounding. after facing challenges including a long-running legal battle with the SEC.
What’s Behind XRP’s Rally?
XRP’s recent rise appears to be linked to a few key factors. First, Ripple settled its lawsuit with the SEC, paying a $125 million fine. This allowed Ripple to focus on growing its business, without the constant threat of legal action. This weighting having been lifted, investors, who were previously holding back due to legal uncertainty, now feel more confident.
Additionally, 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 the rules surrounding cryptocurrencies become clearer, particularly with discussions of changes within the SEC, XRP could be in a prime position to take advantage of growing investor interest.
XRP vs. Dogecoin: The Battle for $1
While XRP is gaining ground, Dogecoin, with its impressive 80% gain over the past week, is struggling to reach the same highs as XRP. Currently, Dogecoin is valued at $0.3730, far from its high of $0.7376. For Dogecoin to reach $1, its market value would need to increase fivefold, which would require a huge influx of money to increase demand.
Even though Dogecoin has seen some stunning moments, such as a 30,700% jump in 2021, reaching $1 now seems more difficult. Ali Martinez, cryptography expert underlines that even though Dogecoin has already made big gains, it has also seen big declines. Still, with a market cap of $30 billion and 144 billion DOGE tokens in circulation, reaching $1 is not completely out of reach, although 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 second place in the cryptocurrency rankings, challenging Ethereum. Currently, Ethereum is in second place with a market cap of around $380 billion, while XRP is in sixth place with $62 billion. However, recent positive news for Ripple, such as receiving approval from the DFSA to expand into the UAE, has made some believe that XRP could close the gap and move forward.
Crypto analyst Dark Defender believes several factors could help XRP reach the market cap of Ethereum. These include Ripple’s push into new markets, such as central bank digital currencies (CBDCs), and the possibility of launching a dirham-backed stablecoin in the UAE. On top of that, if the United States becomes more crypto-friendly under President Trump’s leadership, XRP could get an extra boost.
However, overtaking Ethereum will not be easy. Ethereum is in a strong position, thanks to its growth in decentralized finance (DeFi) and smart contracts. XRP will need to continue to innovate, gain greater adoption, and rely on favorable market conditions to make up ground. The opportunity is there, but it won’t happen overnight.