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XRP’s Market Cap Nears $110B, Igniting Debate on Bitcoin and Ethereum Rivalry

source-logo  coinedition.com 30 November 2024 14:47, UTC

Ripple’s XRP is nearing a $110 billion market cap, reigniting debates on its potential to rival Bitcoin and Ethereum. Analysts point to XRP’s growing utility, resilience in the face of regulatory challenges, and the growing adoption as key drivers to this surge.

Analyst Insights: XRP’s Unique Positioning

Jacob King, a financial analyst at WhaleWire, started off on XRP’s potential to surpass Bitcoin. He attributed this to XRP’s functional utility, contrasting it with Bitcoin, which he views as overly reliant on external support like Tether. King also cited regulatory challenges from the SEC as a reason for XRP’s potential threat to established cryptocurrencies.

The only crypto that actually has a feasible chance of surpassing #Bitcoin is $XRP. Unlike BTC, which is entirely propped up by Tether / Fraud, XRP has real utility.

There’s a reason why BTC maxis relentlessly attack it and corrupted agencies like SEC go after it with their…

— Jacob King (@JacobKinge) November 29, 2024

Adding to the bullish sentiment, analyst CredibleCrypto noted that the XRP/ETH trading pair reclaimed a critical four-year range, signaling a potential breakout. His technical analysis projects substantial gains: a 246.56% increase to 0.0008357 ETH by December 2025 and an 891.21% surge to 0.0030764 ETH by April 2027.


Source: X

Market Performance and Technical Indicators

At press time, XRP traded at $1.84, marking a 19.33% increase. Its market capitalization reached $104.97 billion, while trading volume jumped 156.32% to $16.86 billion.

Technical analysis highlights strong bullish momentum, with the MACD indicator showing a widening gap between the MACD line (0.2742) and the signal line (0.2245).


Source: TradingView

Read also: XRP’s 830% Growth Potential—Analyst Says $1.10 Launchpad Could Hit $13

Meanwhile, the RSI stands at 89.69, above the overbought mark of 70, suggesting a strong buying pressure.

Derivatives Data: Increased Activity and Speculation

Derivatives markets reflect the increased activity in XRP’s spot market. Derivatives trading volume surged 188.88% to $22.95 billion. Open interest rose 28.49% to $3.14 billion, suggesting increased investor engagement. Furthermore, options trading volumes increased by 17.41%, indicating growing demand.


Source: Coinglass

Long/short ratios reveal a bullish outlook among traders. On Binance, XRP/USDT positions favor longs with a ratio of 1.5368, while top trader positions show a stronger preference for longs at 2.6705. In the past 24 hours, $31.34 million in positions were liquidated, with shorts accounting for $19.20 million.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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