XRP Seeks Altcoin Leadership as Ethereum Faces Governance Issues

A recent tweet from CoinGecko has revived memories of 2018 when XRP briefly surpassed ETH in market capitalization.

At the time, Ripple's North Star was gaining traction, but Ethereum remained the leading altcoin. However, the current landscape is different, with Ethereum facing challenges such as governance issues and liquidity shifts.

XRP has been making strides in tokenization, particularly in the real-world asset sector, where it is increasingly used by commercial banks for issuing tokenized bonds. This trend is reflected in financial flows, with XRP funds experiencing net inflows of $22 million last week, while Ether ETFs saw withdrawals of $215 million.

A new player has entered the scene: Hyperliquid, which controls 43% of on-chain fees and boasts a 77% YTD token price growth. This development has attracted the attention of large capital, with Goldman Sachs cutting its ETH positions by $500 million and XRP positions by $152 million before entering Hyperliquid Strategies.