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Ripple’s XRP outperformed most altcoins in 2024 after recording a price increase of over 300%. This performance has helped it emerge as the third-largest crypto asset by market capitalization.
Following these gains, XRP/ETH rose significantly. The ratio soared to a three-year high of 0.000804 in early December and has since fallen to 0.00069, but is still trading at the high end of the range.
According to Sistine Research, artificial intelligence (AI) indicators predict that XRP could soon flip Ethereum. In fact, the company predicts this ratio could soar to between 0.15 and 0.17. At that point, XRP could surpass ETH and emerge as the largest altcoin.
(Source: Tradingview)
Several bullish stories support the analogy that XRP could reverse ETH. One of these is the change in the regulatory environment surrounding virtual currencies in the United States due to the appointment of virtual currency advocate Paul Atkins as chairman of the U.S. Securities and Exchange Commission (SEC).
Ripple CEO fuels speculation about XRP ETF
In a recent interview with Bloomberg Crypto, Ripple President Monica Long expressed optimism about the legal status of XRP. He noted that the XRP ETF, whose hopes of launching were dashed in late October following an appeal by the SEC, could be launched soon.
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“There will be a variety of crypto ETFs emerging from the US this year, and I think XRP is likely to emerge next to Bitcoin and ETH,” she said.
The executive also mentioned several companies that have already applied for spot XRP ETFs, including Canary. He noted that these applications are likely to be processed as the U.S. regulatory landscape changes.
The launch of the Spot ETH ETF has attracted demand for altcoins from institutional investors. A similar move could happen to tokens if the ETF application is approved.
Ripple’s growth in the payments industry
Ripple is also making further inroads into the payments industry following the launch of its RLUSD stablecoin. According to Ripple’s president, the stablecoin will be launched on more platforms and will soon be available for payments.
The RLUSD stablecoin is already gaining recognition following its recent listing on the Bitstamp exchange. Additionally, our recent partnership with Chainlink to provide high-quality data on-chain will increase the utility of our stablecoins.
“The Chainlink standard allows Ripple to provide the RLUSD ecosystem with access to high-quality off-chain data through Chainlink’s proven infrastructure,” Ripple said.
At press time, XRP was trading at $3.25 after gaining 2.05% in 24 hours.
