Cryptocurrency influencer Ben Armstrong, also known as BitBoy, recently expressed his belief that XRP could surpass Bitcoin in terms of market dominance during the upcoming bull cycle. While he does not anticipate XRP overtaking Bitcoin’s market capitalization in the near future, Armstrong strongly believes that XRP will challenge Bitcoin’s dominance and potentially outperform it in this rally. Let’s analyze his reasoning and explore what this means for the future of XRP in the crypto market.
XRP vs. Ethereum: The Race for the Second Spot
Armstrong’s analysis revolves around the ongoing competition between XRP and Ethereum for the second spot in the cryptocurrency market. Ethereum has consistently held this position for years, but XRP briefly overtook it in 2018. Armstrong sees this as an indication that XRP has the potential to reclaim that spot, particularly during a market rally.
Armstrong argues that XRP’s growing popularity as a cross-border payment solution is a significant factor in its potential rise. XRP has garnered attention from countries and institutions worldwide, including BRICS nations and major Western financial bodies like the IMF. This global appeal sets XRP apart from other cryptocurrencies, positioning it as a major player in the future of international finance.
Meanwhile, Armstrong highlights Ethereum’s continued dominance in decentralized finance (DeFi), which has led to institutional adoption. However, Ethereum’s scalability challenges, such as slower transaction speeds compared to newer blockchain projects like Solana, may hinder its ability to attract a wider audience, particularly retail investors. While Ethereum will likely remain the preferred choice for institutions seeking stability and security, retail investors might turn to faster alternatives like XRP, which offers quicker transaction speeds and lower costs.
XRP’s Potential to Surpass Ethereum
Although Ethereum’s position is strengthened by its role in DeFi, Armstrong believes that XRP has a strong chance to exceed Ethereum’s market capitalization in this bull cycle. Currently, Ethereum’s market cap stands at approximately $411 billion, nearly four times that of XRP’s $128 billion. Armstrong suggests that for XRP to close this gap, its price would need to rise to at least $7, a figure he deems achievable as the market heats up. Moreover, Armstrong boldly predicts that XRP could potentially reach $22, pushing its market cap to an impressive $1.26 trillion.
This surge in price would not only increase XRP’s value but also enhance its influence in the global financial ecosystem. XRP’s unique use case as a bridge currency for international transactions could attract significant institutional and governmental interest, ultimately driving its value higher and establishing it as a crucial player in the realm of digital payments.
XRP and Bitcoin Dominance: A Shift in Power
While Armstrong does not forecast XRP surpassing Bitcoin’s market cap in the short term, he expects XRP to make significant progress in terms of dominance. The key to this shift lies in XRP’s increasing adoption and usage as a bridge currency, particularly in cross-border payments, which could result in greater market penetration. Armstrong points out that Bitcoin’s dominance in the market has already experienced a slight decline due to XRP’s recent rally.
In November 2024, Bitcoin’s dominance decreased by 6%, with XRP contributing 3% to that decline. During this period, XRP witnessed a price surge of over 450%, and its market cap grew more than fivefold, reaching $154.83 billion. Although Bitcoin’s dominance has since rebounded to around 60%, Armstrong is confident that this pattern will repeat, and XRP will continue to erode Bitcoin’s market share as its use case gains wider adoption.
Conclusion
BitBoy’s prediction presents an optimistic future for XRP. While the coin may not immediately surpass Bitcoin in terms of market cap, its dominance and influence in the market are expected to significantly grow. As XRP solidifies its position as a bridge currency for global payments, it stands to benefit from increasing adoption by both institutions and retail investors. In the coming years, XRP may not only challenge Ethereum for the second spot but also make a substantial dent in Bitcoin’s dominance, making it one of the most exciting projects in the crypto space.
