Ripple’s XRP outperformed most altcoins in 2024 after registering an over 300% price gain. This performance saw it emerge as the third-largest crypto asset by market capitalization.
Following these gains, XRP/ETH has made a significant rise. This ratio surged to a three-year high of 0.000804 in early December, and while it has since dropped to 0.00069, it is still trading at range highs.
According to Sistine Research, artificial intelligence (AI) indicators predict that XRP could flip Ethereum soon. In fact, per its projections, this ratio could surge to between 0.15 to 0.17. At that point, XRP could have outpaced ETH to emerge as the largest altcoin.
Several bullish narratives support the analogy that XRP could flip ETH. One of these is the changing regulatory climate around cryptocurrencies in the US due to the appointment of pro-crypto Paul Atkins as the Chair of the US Securities and Exchange Commission (SEC).
Ripple President Fuels Speculation for an XRP ETF
In a recent interview with Bloomberg Crypto, Ripple’s President, Monica Long, expressed optimism about XRP’s legal standing. She noted that an XRP ETF, whose hopes of launch were quashed following an appeal by the SEC in late October, could be launched soon.
“We will see various crypto ETFs this year coming out of the US, and I think XRP is likely to be next in line after Bitcoin and ETH,” she stated.
The executive also mentioned some companies that have already filed for spot XRP ETFs including Canary. She noted that these filings would likely undergo processing with a change in the US regulatory landscape.
The launch of spot ETH ETFs attracted demand for the altcoin from institutional investors. A similar move could happen for the token if the ETF filing gets approval.
Ripple’s growth in the payment industry
Ripple is also venturing deeper into the payments industry following the launch of the RLUSD stablecoin. According to Ripple’s President, this stablecoin would be launched on more platforms, making it readily available for payments.
The RLUSD stablecoin is already gaining recognition following its recent listing on the Bitstamp exchange. Moreover, a recent partnership with Chainlink to offer high-quality data on-chain is set to boost the stablecoin’s utility.
“With the Chainlink standard, Ripple is able to provide the RLUSD ecosystem access to high-quality offchain data through Chainlink’s battle-tested infrastructure,” Ripple stated.
At press time, XRP traded at $3.25 after a 2.05% gain in 24 hours.
