Solana Chasing XRP: Can It Close the $23 Billion Gap?

At the moment, Solana is ranked seventh in the crypto rankings with a market cap of around $47 billion, while XRP ranks sixth at about $70 billion. This puts Solana behind XRP by roughly $23 billion.

Solana's price is higher than XRP's, trading near $76 compared to XRP's dollar value, but the difference in supply explains why XRP is still bigger. There are approximately 62 billion XRP in circulation versus 580 million Solana, so even at a dollar, XRP coins add up to more than Solana's total.

To close the gap, Solana would need to climb roughly 49%, from about $76 to around $113, assuming XRP stays where it is. However, since Solana's market cap is smaller, it takes less new money to move its price the same distance, making the gap beatable.

Solana wins on usage, handling far more activity than XRP with 3.3 million active addresses a day compared to the XRP Ledger's 15,000 to 40,000. Solana also processes close to 300 million transactions a day and holds over $5 billion in DeFi apps.

Solana's Alpenglow upgrade is coming, which will cut the time it takes to settle a transaction from about 12 seconds to under a fifth of a second. This would make an already fast network feel almost instant.