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Recently, the spotlight has turned to two major cryptocurrencies: $XRP and Dogecoin ($DOGE), as they vie for positions in the market capitalization rankings.
According to CoinMarketCap data, $XRP currently holds the seventh spot in the market ranking, boasting a market capitalization of $26.62 billion. This digital asset runs on the $XRP Ledger — an open-source public decentralized layer-1 blockchain that has hosted over 1,000 projects, processed over 2.8 billion transactions since 2012 and supports over five million active wallets via a network of over 120 validators.
Hot on its heels is the dog-themed cryptocurrency and the first parody coin, Dogecoin, which has carved out its niche in the crypto community. Dogecoin takes eighth place in the crypto rankings, with a market capitalization of $19.77 billion. Initially created as a joke, Dogecoin has become a serious contender on the crypto market.
Currently, the difference in the market capitalizations of both cryptocurrencies is over $7 billion, which remains significant. Given current market conditions, it might take a significant move for Dogecoin to be able to successfully upturn $XRP and rank as the seventh largest cryptocurrency.
As the scenario unfolds, price movements of $XRP and Dogecoin will be closely watched. Will Dogecoin overtake $XRP, or will $XRP maintain its lead in the crypto market rankings? Only time will tell, but one thing is certain: the race is on, and the crypto community is here for it.
Surprises are common on the crypto market, and the rankings of $XRP and Dogecoin could shift rapidly based on market sentiment, regulatory news, technological advancements and macroeconomic factors. The market is keeping a close watch on these developments to gauge the price trajectories of these digital assets.
$XRP and Dogecoin are currently trading lower as cryptocurrencies fall approaching the weekend, with Bitcoin continuing its recent plunge. At the time of writing, $DOGE had fallen 4.14% in the previous 24 hours to $0.136. However, $XRP rose 0.02% in the last 24 hours to $0.479.