Will XRP Overtake Ethereum by Market Cap?

XRP’s market cap has risen relative to Ethereum, with XRP at about $84 billion compared with Ethereum’s $256 billion. Ripple has expanded institutional activity through partnerships with major traditional finance firms, including Deutsche Bank, JPMorgan, and Mastercard, often using RLUSD stablecoin and custody infrastructure rather than XRP directly. Despite growing institutional momentum, XRP’s price has fallen more than 40% from its January peak. ETF inflows are cited as a key driver of demand, with XRP ETFs launched last November pulling in over $1.39 billion, while Ethereum ETFs have attracted nearly $12 billion. XRP briefly reached around a $93.4 billion market cap earlier this year, and matching Ethereum’s market cap would imply a token price near $4.15.

"Ripple has spent most of 2026 closing deals with some of the biggest names in traditional finance. Deutsche Bank, JPMorgan, and Mastercard's $9 trillion payment network are all among the partnerships Ripple has landed this year. The company also ranked 16th on CNBC's 2026 Disruptor 50 list, with a valuation around $50 billion."

"However, most of these deals run through RLUSD, Ripple's stablecoin, or its custody infrastructure rather than XRP directly. XRP has fallen more than 40% from its January peak of $2.42, even as Ripple's institutional partnerships keep growing. Hence, investors betting on Ripple's success haven't really seen that reflected in the token's price yet."

"For XRP to close in on Ethereum, it needs steady demand flowing in, and right now its ETFs are doing just that. launched last November and have pulled in over $1.39 billion since. That's solid early traction, but it's still well behind Ethereum-ETH ETFs have attracted nearly $12 billion in inflows."

"Earlier this year XRP briefly stepped up to the fourth position, holding approximately a $93.4 billion market cap. This shows that momentum was building before broader market conditions pulled it back. If XRP's market cap were to match Ethereum's today, the token would be priced at around $4.15. This depends on whether itself begins attracting sustained demand that can expand its market cap."

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