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- Ripple’s CEO recently reflected on when XRP overtook Ethereum in market cap.
- Brad Garlinghouse used this history to argue that XRP would eventually secure an ETF.
- Zach Rector believes the reference suggests a belief that XRP could once again overtake Ethereum.
In an interview, Ripple CEO Brad Garlinghouse recalled a time when XRP’s market capitalization surpassed Ethereum’s, ranking second only to Bitcoin. He leveraged this historical moment to underscore XRP’s strong standing in the crypto market, implying that XRP would eventually secure an ETF listing, mirroring Ethereum and Bitcoin.
CoinMarketCap data confirms this historical feat. On January 7, 2018, XRP boasted a market cap of $130 billion, eclipsing Ethereum’s $111 billion. At that time, XRP traded at $3.30. However, XRP’s fortunes have since reversed, with its current rank at seventh and a price of $0.52.
Garlinghouse further hinted that XRP’s pre-SEC scrutiny value outweighed Ethereum’s. This implies the SEC’s actions may have disproportionately disadvantaged XRP while benefiting Ethereum.
Community commentator Zach Rector interpreted Garlinghouse’s comments as a sign of belief in XRP’s ability to reclaim dominance over Ethereum. “Would he keep bringing this up if it wasn’t going to happen again?” Rector questioned.
However, pro-XRP lawyer 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 then XRP obtained something superior to the speech of a senior SEC official. It obtained an order of the court that the token itself is not a security. 11 months later and the XRP price is barely above what it was before that judgement even though the whole… https://t.co/XuDcUJVs6q— bill morgan (@Belisarius2020) June 5, 2024
Despite this legal win, Morgan noted that XRP’s price remained virtually unchanged 11 months later, even amidst a broader market bull run. He cautioned against attributing the disparity in price performance between XRP and Ethereum solely to the SEC’s actions.
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