As XRP surpasses Ethereum in diluted market capitalization, multiple positive factors such as the new SEC chair's appointment, Coinbase futures product launch, whale accumulation, and network activation are raising price rise expectations.
According to CryptoPotato on the 26th (local time), XRP rose 6% in the last week of April, recording relatively low returns among the top 10 cryptocurrencies, but is attracting attention as a long-term undervalued buying opportunity. Recently, XRP set a record by overtaking Ethereum in diluted market capitalization. With Bitcoin's total market cap at $1.8 trillion, Ethereum at $215 billion, and XRP at $128 billion, XRP surpassed Ethereum in diluted market cap when assuming all tokens are in circulation. This is interpreted as a signal reflecting XRP's scarcity due to fixed supply and potential for global demand expansion.
Another factor boosting XRP price rise expectations is the newly appointed SEC chair Paul Atkins. With a career in establishing cryptocurrency regulation strategies in the private sector, he is raising hopes for a positive resolution to the Ripple Labs lawsuit that has continued since the end of 2020. Additionally, Coinbase has officially launched a CFTC-regulated XRP-based futures product this month, testing market demand among institutional investors. Furthermore, whale investors increased their wallets holding 10 million to 100 million XRP by about 1% during April. The Ripple network's daily active wallet count also surged 67% over ten days, forming a reverse head and shoulders pattern technically, further raising expectations for additional rally.
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