Over the weekend, Ripple managed to overtake Ethereum and take the spot as second highest ranked cryptocurrencies for the third time this month.
Ripple’s XRP saw a massive spike in price valuation less than two weeks ago. The token’s increasing price seems to be sitting on a positive trajectory as the token just keeps surging upwards. Following some 50% increase, Ripple overtook Ethereum in the market rankings. At the time, Ripple had a market cap of around $26 billion USD while Ethereum had a market cap of approximately $23 billion USD.
Since then, Ethereum and Ripple have been neck-and-neck with Ripple’s overtakes and Ethereum’s pull-backs. Over the weekend, Ripple caught up for the third time with yet another price increase to bring itself to the second step of the podium. After a 7% increase in price, Ripple bagged a market valuation of $24.28 billion USD with Ethereum looking at a slightly-lower $24.15 billion USD.
Since the most recent overtake, Ethereum has claimed back the position with a $23.8 billion USD market cap compared to Ripple’s now lower $23.1 billion USD market cap valuation. What might happen within the week, whether Ethereum can hold as second or Ripple snag and take the second spot for good remains to be seen.
Fundstrat CEO Tom Lee, known to be an optimistic cryptocurrency enthusiast, recently offered his opinion on Ethereum. Lee believes that Ethereum is on the verge of a major price spike:
“Ethereum is about to stage a trend reversal and rally strongly. Sentiment is currently overly negative.”
Lee explored the market’s history and present. He stated that, historically, the cryptocurrency token’s losses have been reversed when faced with an underperformance by two standard deviance. Lee thinks that a surge can be expected. He believes that the coin to reach a $1,900 USD in valuation by the end of the year. Currently trading at $233.07 USD. Lee expects the token to achieve more than 40% of it’s highest peak.