XRP is nearing its all-time low against Ethereum (ETH). This comes after a steep decline in XRP's value against the top altcoin. Earlier today, XRP plunged to just 0.000184 on the Binance exchange, according to TradingView data.
In September 2018, the Ripple-affiliated XRP token experienced a remarkable surge, overtaking Ethereum to become the world's second-largest cryptocurrency by market capitalization.
This shift in ranking was fueled by bullish sentiment from investors, who believed Ripple would become the standard for international bank transfers.
Back then, XRP's market cap reached $22.2 billion, eclipsing Ethereum's $22.1 billion.
As of the data provided, Ethereum has a market capitalization of $346.957 billion, while XRP's market cap stands at $29.308 billion. This indicates that Ethereum's market cap is significantly larger than that of XRP.
Ethereum maintains its position as the second-largest cryptocurrency by market cap, trailing behind Bitcoin. XRP is positioned in a distant sixth place.
The underperformance of XRP against Ethereum has sparked a series of unfounded conspiracy theories within the crypto community.
Some supporters of XRP argue that the SEC may have shown favoritism toward Ethereum, giving it a "free pass" while choosing to pursue legal action against XRP.
These unfounded theories, often shared on social media and cryptocurrency forums, imply that Ethereum's backers could have inappropriately swayed the SEC's regulatory actions, a claim for which there is no concrete evidence. This narrative has gained traction despite repeated calls for evidence-based discussions.
Critics of these theories, including figures like Cardano founder Charles Hoskinson, founder of Cardano, have pointed out the lack of proof behind such accusations and have called for a return of rational discourse within the community.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.
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