XRP to overtake Bitcoin (BTC) market cap?...Schwartz: "Only one condition"

▲ XRP, Bitcoin (BTC)

A key Ripple developer has presented the prospect that XRP could surpass Bitcoin (BTC)'s market capitalization.

According to U.Today on September 9 (local time), David Schwartz, Ripple's Chief Technology Officer Emeritus, recently mentioned the possibility of XRP surpassing Bitcoin's market capitalization in an X (formerly Twitter) Space. However, he emphasized that a scenario where XRP grows significantly is more realistic than one where Bitcoin collapses. He cited transaction speed and functionality as XRP's strengths.

Schwartz explained that the XRP Ledger was designed as a faster and more scalable alternative to Bitcoin in the payment sector. He believes that if the overall cryptocurrency market grows, XRP is likely to take a relatively larger share. However, he drew a line, stating that past price surge examples should not be directly applied given that its market capitalization has already expanded significantly.

He recalled that in the past, when XRP was around $0.006, even a scenario of it rising to $0.25 felt unrealistic. He stated that when XRP reached about $0.1, he considered its value excessively high and sold some. He also cited the example of Bitcoin at $100, which once seemed like an absurdly high price.

There is also a precedent where XRP significantly narrowed the gap with Bitcoin. During the cryptocurrency bull run from late 2017 to early 2018, XRP rose to the second-largest market capitalization, emerging as a major competitor to Bitcoin. By late December 2017, XRP's market capitalization grew to approximately $86 billion, surpassing Ethereum (ETH)'s approximately $73 billion.

U.Today pointed out that the market capitalization gap between XRP and Bitcoin remains significant. As of the article, Bitcoin's market capitalization is approximately 17.7 times larger than XRP's. Schwartz's forecast focuses on a scenario where XRP grows faster amid the expansion of the cryptocurrency market, rather than a collapse of Bitcoin.

[Article Key Summary]

-David Schwartz stated that XRP has the potential to surpass Bitcoin's market capitalization in the long term.

-Schwartz explained that strong growth of XRP, rather than Bitcoin's collapse, would be the premise for a market cap reversal.

-XRP previously surpassed Ethereum with a market capitalization of approximately $86 billion in late 2017, but the gap with Bitcoin is about 17.7 times as of the article.

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