In the controversial crypto world, a popular crypto expert has recently spoken out about the debate: Can XRP ever grow to be greater than Ethereum? According to this expert, known as Ansem, the answer is no. He thinks Ethereum has enough advantage over XRP to never be unseated by the latter.
Why Ethereum is Hard to Beat
Bitcoin is the second largest digital currency in the world after Ethereum. It is famous for its smart contracts which help the developers to form applications on the particular chain. That is why Ethereum is such an important factor in Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) which are the two biggest trends within the crypto space.
Ethereum doesn’t need virtual currency or anything else because according to Ansem, Ethereum’s staking and gas fee system keeps people on and investing into it. Staking is locking up your Ethereum to help secure the network and earn rewards; gas fees are a payment made to process transactions. Because of these, Ethereum is an integral part of the Web3 world.
In addition, Ethereum has a lot of Layer 2 solutions which make the transactions faster and cheaper. Its network is constantly developed and improved by the developers, who make sure it remains strong and needed. Ansem believes that for these reasons, Ethereum will have an advantage over XRP.
XRP’s Role is Different
Unlike Ethereum, XRP is used in cross border payments. XRP is maintained by Ripple, a company dedicated to making international money transfers cheaper and faster for banks and businesses. However, this is still useful, but it doesn’t provide the same range of utility as Ethereum.
Ansem adds that XRP doesn’t have any key growth drivers of its own such as staking or gas fees. XRP has no similar features, and these assist Ethereum to keep getting bigger. He also is skeptical about the banks embracing XRP fully in the payments worldwide which would make it even more difficult to compete with Ethereum.
Did XRP Ever Surpass Ethereum?
Not everyone agrees with Ansem. According to a crypto analyst called CrediBull Crypto, XRP once did manage to flip Ethereum before last time during the 2018 bull run. In fact, at some point, XRP even reputedly owned a higher market cap than Ethereum making it the second largest cryptocurrency at the time. However, this was short-lived.
Since then, Ethereum has also upgraded its network, made its use cases wider and further established its position. Today, XRP is the backbone of many such crypto projects, and it is highly unlikely that it will reclaim this place again.
Final Verdict
Although XRP is one of the major cryptos, it has proven THE Ethereum and its technology, support from developers, and a powerful ecosystem are unparalleled. Although something significant could change, XRP is not likely to overtake Ethereum once more.
Also read: Ethereum Price Spike? Massive $402M Outflow Sparks $7K Speculation
