Dark Defender, a major analyst, has provided a detailed explanation of the reasons why the XRP price is expected to reverse the Ethereum price during this market cycle.
Dark Defender, a crypto analyst, has predicted that the XRP price will surpass the Ethereum price in terms of market capitalization during this market cycle. He provided a rationale for this possibility and subsequently declared that XRP has the potential to supplant Bitcoin as the dominant currency.
Reasons Why XRP Price Can Influence the Price of Ethereum
Dark Defender provided five explanations in an X post for why the XRP price has the potential to reverse the Ethereum price. Initially, he referenced Judge Analisa Torres’ decision that XRP is not a security in its own right, which he regards as a significant advantage for the coin.
Subsequently, he referenced the numerous advancements that Ripple has achieved. This could encompass recent developments, such as the crypto firm’s sanction by the DFSA to expand its payment services to the UAE, despite the fact that he did not discuss these developments.
Dark Defender also referenced Central Bank Digital Currencies (CBDCs) and forthcoming currencies, including the RLUSD stablecoin, as additional reasons for his conviction that the XRP price has the potential to reverse the Ethereum price. Additionally, a recent development suggests that Ripple is considering the possibility of launching a stablecoin in the UAE that is supported by Dirhams.
Finally, the analyst stated that the United States is poised to become a crypto-friendly environment under the administration of pro-crypto President-elect Donald Trump. Ethereum’s conversion to XRP will be a significant undertaking, despite these factors.
At present, Ethereum is the second-largest cryptocurrency, with a market capitalization of $365 billion, and XRP is the seventh-largest cryptocurrency, with a market capitalization of $31 billion. Nevertheless, it is important to note that XRP was the second-largest cryptocurrency a decade ago, trailing only Bitcoin.
Also Time to dominate Bitcoin
Dark Defender also suggested that the XRP price could pose a threat to Bitcoin’s dominance for the reasons he mentioned. He stated that XRP will replace BTC as the sole crypto asset with regulatory clarity.
Nevertheless, the non-security status of Bitcoin has never been a genuine concern. The US Securities and Exchange Commission (SEC) Chair, Gary Gensler, has acknowledged that the flagship cryptocurrency is not a security. This is also the reason the Commission did not object to the filing of S-1 forms by issuers for the Bitcoin ETFs prior to their subsequent approval.
Meanwhile, the analyst also predicted that the XRP price would shortly commence a bull run. He specifically stated that the XRP bull run will commence on November 24. He maintains that this will transpire due to the fact that Bitcoin Dominance has experienced a reversal in the monthly RSI, as it did in January 2021. XRP experienced a significant increase in value from $0.170 to $1.966 when this occurred in 2021.
Mikybull Crypto, a crypto analyst, also expressed optimism regarding the XRP price. He announced in an X post that a significant acceleration is imminent. He referenced the coin’s performance in the aftermath of previous election cycles, and a substantial rally typically ensues. He indicated that $19 was a potential objective in the accompanying chart.
