The digital asset market has seen a plethora of tokens regain some momentum heading into this week. Moreover, it has presented a rather interesting race emerging between two prominent cryptocurrencies. Specifically, as Ripple has remained unmoving relative to its peers, could Dogecoin pass XRP at some point in 2024?
Currently, there is just $5 billion between both assets, with Ripple and DOGE holding the top 6th and 8th spots, respectively. Yet, the performance of the tokens has created an interesting narrative that could see the original meme coin breakthrough amid what has been an uncertain few weeks for XRP.
Also Read: XRP Price: Analyst Bullish For $1 Breakout Despite Ripple’s Sluggish Ascent
XRP Vs. DOGE: The Battle for Number 6
Throughout 2024, the cryptocurrency market has been surging. Specifically, it has built off of Bitcoin’s rather impressive performance this year. In March, BTC reached an all-time high of $73,000. Moreover, its value surge has had a similar effect on other assets, infusing the market with optimism.
Yet, it has also faced a host of price corrections that have affected several tokens. One of those has been Ripple, whose lack of momentum has led many to question if Dogecoin (DOGE) could surpass it in market cap. Subsequently, the original meme coin would catapult into the top 6.
Despite its rather stagnant position over the last several weeks, Ripple (XRP) has increased more than 3% over the last 24 hours to trade above $0.618. Additionally, its trading volume has skyrocketed by more than 108% in the same time frame. However, that positive performance has only equated to a less than 1% increase over the last month for the asset, according to CoinMarketCap.
Also Read: Dogecoin Price Prediction for This April – Can DOGE Hit $0.3?
Conversely, Dogecoin is facing monthly gains of more than 23%, according to the market cap platform. Furthermore, its performance over the last day has it in the green, but it is increasing by less than 1%. Still, the big conversation surrounds the market cap figures.
Over the last 24 hours, both assets have seen their market caps increase. For Ripple, the figure is up more than 3%. Alternatively, Dogecoin’s market cap has only increased by less than 1%, but it is still gaining nonetheless.
The greatest question regards the potential for Dogecoin to pass Ripple XRP in market cap. For that race, the upcoming Bitcoin Halving event should play a crucial role. Indeed, Whichever asset increases more from that development could see its stock rise exponentially. Still, the potential for Dogecoin to jump XRP remains rather high throughout the next several weeks.