XRP Ahead of ETH in Market Cap? What CoinGecko’s 2018 Data Reveals About XRP’s 2026 Outlook

• Stacey George
• May 26, 2026
• Investment
• 0 Comments

CoinGecko reminded the crypto world on May 25 that XRP once held the #2 market cap spot above Ethereum, posting a throwback to early 2018 when Ripple’s token briefly flipped ETH. Eight years later, XRP sits at roughly one-third of Ethereum’s market capitalization, and the question of whether history could repeat has resurfaced with fresh data pointing in conflicting directions.

The 2018 Moment: When XRP Flipped Ethereum on CoinGecko

In early January 2018, at the peak of the altcoin bull run, XRP surged to approximately $3.84 and its market cap briefly topped $150 billion. That was enough to displace Ethereum from the #2 ranking behind Bitcoin, a moment CoinGecko’s throwback tweet confirmed on May 25, 2026.

The flippening was driven by Ripple’s aggressive banking partnership narrative and speculation that XRP would replace SWIFT for cross-border settlements. The window was short. As the 2018 bear market set in, XRP lost its #2 position and never reclaimed it, partly because the SEC filed its lawsuit against Ripple in December 2020, freezing institutional interest for years.

Where XRP and ETH Stand in 2026

As of May 26, 2026, XRP trades at $1.35 with a market cap of roughly $83.2 billion, ranking #5 globally. Ethereum sits at $2,093.58 with a market cap of approximately $252.6 billion. The gap is roughly 3x.

For XRP to match Ethereum’s current market cap, its price would need to reach approximately $4.15, assuming Ethereum’s cap stays flat. That is above XRP’s all-time high of $3.65, set on July 18, 2025, making the target achievable but far from certain.

XRP has already fallen more than 40% from its January 2026 peak of $2.42, even as Ripple expanded its institutional partnerships. The broader market reflects caution: the Crypto Fear & Greed Index reads 34, firmly in “Fear” territory.

Diverging Institutional Flows Tell a Mixed Story

One data point favoring XRP’s relative positioning: $215 million was withdrawn from Ether ETFs in a single week, while US XRP funds recorded $22 million in net inflows. The divergence suggests some institutional capital is rotating away from ETH exposure.

According to unconfirmed reports, Goldman Sachs cut ETH positions by $500 million and reduced XRP holdings by $152 million in May, rotating capital into Hyperliquid. These figures have not been independently verified through 13F filings.

The structural case for Ethereum remains formidable. ETH leads in tokenized real-world assets with more than $16.5 billion on-chain and offers staking yield of approximately 2.9% annually. The XRP Ledger is advancing in RWA tokenization, including work with JPMorgan on bond issuance, but the ecosystem gap remains wide. As a recent price analysis of XRP alongside SHIB, HYPE, and BTC noted, risk-on positioning across altcoins has been uneven this cycle.

What Investors Should Watch: Milestones and On-Chain Signals

Standard Chartered projects XRP at $7 in 2027, $12.60 in 2028, and $28 by 2030. At $28, XRP’s market cap would exceed Ethereum’s current total. The CLARITY Act, if passed, could serve as a near-term catalyst, with analysts projecting a bull-case 2026 price target of $5.

Ripple, ranked 16th on CNBC’s 2026 Disruptor 50 with a valuation near $50 billion, now operates with post-lawsuit regulatory clarity that it lacked in 2018. That is the key structural difference between cycles: in 2018, XRP’s flippening was driven by speculative narrative alone. In 2026, institutional infrastructure including CME’s upcoming 24/7 XRP futures trading launching May 29 provides a more durable foundation.

Concrete signals to monitor: the XRP/ETH ratio on Binance (currently 0.0006411 ETH), XRPL transaction volume and DEX activity, RLUSD stablecoin adoption as a proxy for ecosystem health, and whether evolving regulatory frameworks like MiCA in Europe create additional on-ramps for XRP products.

The 2018 precedent proved XRP can overtake Ethereum in market cap. It also proved how quickly that ranking reverses. The $4.15 price target is roughly 3x from current levels and 14% above XRP’s all-time high. Whether that gap closes depends less on nostalgia and more on whether institutional flows, regulatory catalysts, and on-chain adoption sustain momentum through a market still gripped by fear.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.