Tue, 12/12/2023 – 15:28
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After its unstoppable growth milestones, Solana (SOL) is now threatening XRP in the ranking among the most capitalized digital currencies.
Solana (SOL) and XRP growth comparison
At the time of writing, Solana is changing hands for $71.09, up 3.56% in the past 24 hours, while XRP has slipped by 0.16% to $0.6231 within the same time frame. The growth of both assets when compared to the weekly and monthly spans shows that Solana is on a mission not just to dethrone XRP but to rise as high as it could go before the end of the year.
The twist in the outlook of both of the top cryptocurrencies has been shocking from the start of the year with their similarities. While XRP battled its lawsuit for the first half of the year, Solana was also weighed down following the implosion of FTX Derivatives Exchange and the subsequent steady sell-offs that accompanied the bankruptcy proceedings.
However, Solana promptly decoupled from the impacts of the FTX saga, and since the start of the year, it has jumped by 623%. XRP also got its much-deserved clarity, and despite being the only cryptocurrency known as a nonsecurity by law in the United States, investor optimism has only managed to get it up by 82.06% in the year-to-date period.
At the time of writing, Solana trails closely behind XRP as the sixth largest digital currency, with a market cap of $30,528,651,306 against XRP’s $30,528,651,306. While the difference runs in the billions, sustained Solana growth and a sliding XRP price may close the gap in the mid to long term, similar to what Avalanche (AVAX) just did to Dogecoin (DOGE).
Solana capable of impossible
Already, Solana is the altcoin in the top 20 with the largest growth rate in the year-to-date period. This was an unpredictable achievement considering that it traded as low as $8.14 when the year started.
Riding on this and predictions from market experts as to the coin’s future, only time will tell what further surprises Solana has in store.