- Solana (SOL) is making significant strides to surpass XRP.
- Solana has experienced a remarkable surge in trading volume, reaching nearly three times that of XRP.
- In contrast, XRP has faced negative growth over the past day, with a 1.35% decline in market valuation.
Recent data indicates that Solana (SOL) is poised to surpass XRP, claiming its position as the third-largest altcoin.
Data sourced from CoinMarketCap reveals that Solana has experienced a remarkable 13.88% surge in the last 24 hours, contributing to a cumulative seven-day growth of 17.83%. Presently, SOL is valued at $71.77.
Contrastingly, XRP has exhibited negative growth over the past day, although its one-week performance still shows a growth rate of 4.87%. Trading at $0.6408, XRP’s market valuation has declined by 1.35% to $34.44 billion in the last 24 hours, accompanied by a significant 19% reduction in trading volume, with $1.6 billion XRP traded.
Fininterest crypto expert Nellius Mukuhi commented on the data, “In light of Solana’s notable surge in trading volume, impressive market valuation, and substantial growth exceeding 266%, the cryptocurrency is positioned as a formidable contender poised to surpass XRP. These developments underscore the dynamic nature of the cryptocurrency market, where strategic network upgrades and sustained positive performance play pivotal roles. As the landscape evolves, investor sentiment and market rankings are subject to change, reflecting the ongoing competitiveness within the digital asset space.”
Solana appears to be capitalizing on the interest that XRP has lost, with positive growth across various metrics where XRP has faced setbacks. Notably, Solana’s crypto market share has surged to $30.58 billion, a 13.59% increase from the previous day. Furthermore, Solana’s 24-hour trading volume has seen a remarkable 80.41% increase, reaching $4,108,165,810—nearly three times that of XRP during the same period.
Just three months ago, Solana occupied the ninth position among prominent cryptocurrencies, trailing behind assets like Dogecoin, Cardano, and USDC. However, Solana has now surpassed Dogecoin, Cardano, and USDC, with XRP next in line to be displaced.
The possibility of Solana overtaking XRP has triggered discussions within the XRP community. While some argue that it holds no significant meaning, others believe it could impact the confidence of XRP investors. XRP YouTuber Moon Lambo emphasized that another coin outperforming XRP does not imply an inherent flaw in choosing XRP as an investment, expressing confidence that XRP will have its day.
The impressive uptrend in Solana’s value is attributed to its substantial growth from $19.609 in September to its current position, marking a staggering growth rate of over 266%. In contrast, XRP has only grown 26% over the same 90-day period to its current position of around $0.64.
A researcher from the well-known on-chain analytics firm Messari highlighted that Solana’s significant movement follows a pivotal network upgrade within the Solana ecosystem. The researcher commended Solana developers for implementing various upgrades that addressed previous issues, stating that the case for Solana has never been stronger due to improvements in liveness and liquidity.
