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Ripple CTO Emeritus David Schwartz believes XRP could surpass Bitcoin in market value. XRP would need to reach $24.50 to match Bitcoin's current $1.55 trillion
Ripple CTO Emeritus David Schwartz stated on an X Spaces on September 9 that he expects XRP to eventually surpass Bitcoin in market value, provided XRP grows faster than Bitcoin in an expanding crypto market [1]. This claim implies XRP would need to reach approximately $24.50 to match Bitcoin's current market capitalization, a level 6.4 times its all-time high of $3.84 set in January 2018 [1].
| At a glance | |
|---|---|
| XRP Price | $1.36 [1] |
| Bitcoin Price | $77,310 [1] |
| XRP Market Cap | $85 billion - $89 billion [1] |
| Bitcoin Market Cap | $1.54 trillion - $1.58 trillion [1] |
As of September 12, XRP trades at $1.36, while Bitcoin is near $77,310 [1]. Bitcoin's market capitalization stands between $1.54 trillion and $1.58 trillion, significantly larger than XRP's $85 billion to $89 billion [1]. To match Bitcoin's current market cap, XRP, with its 62.7 billion circulating tokens, would need to trade at about $24.50 [1]. This target is 6.4 times XRP's all-time high of $3.84, which it reached in January 2018 [1]. The required price for XRP to "flip" Bitcoin would also increase if Bitcoin's market capitalization continues to grow [1].
XRP has previously surpassed a larger cryptocurrency, briefly becoming the second-largest by market capitalization in early 2018, exceeding Ethereum at the time [1]. That move occurred during a bull market and saw XRP close a gap of about 15% behind Ethereum [1]. Currently, XRP trails Bitcoin by a factor of 18 [1]. Bitcoin also benefits from spot ETFs, corporate treasury adoption, and settled regulatory status, which Ethereum lacked during XRP's 2018 surge [1].
The investment case for XRP is attracting institutional capital, with investors betting on the XRP Ledger becoming a key settlement network for stablecoins, tokenized assets, and cross-border payments [3]. U.S. spot XRP exchange-traded funds (ETFs), which launched in November 2025, gathered $1.3 billion in their first month and recorded 55 consecutive days of net inflows [3]. Recently, these XRP funds pulled in $18.98 million over three sessions through September 10, contrasting with combined losses of $479 million for Bitcoin and Ethereum funds [3]. Goldman Sachs Group Inc. disclosed a $153.8 million XRP ETF position for Q4 2025, though it exited the position the following quarter [3].
The XRP Ledger has moved nearly $500 billion in on-chain value over the past 12 months [3]. Ripple's RLUSD stablecoin has grown from $72 million to approximately $1.6 billion, and tokenized assets on the network have reached about $4 billion [3]. Regulatory clarity has also improved for XRP, with the Securities and Exchange Commission's case against Ripple concluding in August 2025 [3]. This resolution is significant for attracting banks, asset managers, and payment companies that were hesitant due to the unresolved legal status [3].
XRP has a maximum supply of 100 billion tokens, with no ongoing inflation schedule [3]. Transaction fees permanently burn a small amount of XRP, with over 14 million tokens destroyed to date [3]. However, network growth does not automatically translate to higher token prices, as institutions can use the XRP Ledger while holding XRP briefly or by using stablecoins and tokenized products [3].
Circulating supply currently stands at 62.74 billion XRP [2]. Ripple releases about 1 billion XRP from escrow each month, relocking most of it, with 200 million to 400 million reaching the market [2]. If the circulating supply grows towards 70 or 75 billion by 2030, the market capitalization implied by a given price would increase [2]. For example, $5 XRP would imply a market cap of about $350 billion at 70 billion coins, up from $314 billion at the current supply [2].
The possibility of XRP surpassing Bitcoin hinges on sustained, rapid growth of the XRP ecosystem within an expanding crypto market, a scenario that requires years of outperformance to close the current $1.49 trillion market cap gap [1].
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As of the latest reports, the total supply of RLUSD has climbed to approximately $2.42 billion. This total is divided between $1.37 billion on Ethereum and $1.05 billion on the XRP Ledger.
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