Over the course of its lifetime, Ripple has seen amazing growth, which has allowed its cryptocurrency XRP to rise to the #3 position in market cap rankings. The project aims to decrease the time it takes for banks and financial institutions to settle transactions across borders.
However, recently the cryptocurrency has started to lose its footing among its competition. While Bitcoin and Etheruem continue to grow in terms of their market cap values relative to Ripple, other cryptocurrencies are climbing in the ranks and slowly closing the gap between themselves and Ripple.
In this article, we will take a look at 2 potential projects that may be able to dethrone Ripple in terms of market cap value in the upcoming years or even months. Ripple has a very unique business structure that is not rivaled by any other cryptocurrency project. As such, we are not comparing business models or utility. Rather, we will take a look at 2 projects that may be able to overtake Ripple’s market cap value.
These projects that we believe may have the potential to overtake Ripple are EOS and Binance Coin.
Currently, Ripple holds a market cap value of $14.58 billion, where EOS has a market cap value of $4.92 billion and Binance Coin has a $2.55 billion market cap. As you can see, these projects still have a long way to go before they catch up to Ripple… but it is by no means impossible.
EOS is a blockchain-based dapp platform that aims to be the bedrock for dapp projects on the blockchain. The cryptocurrency underwent a year-long, $4 billion ICO before the project even launched. Furthermore, the project provides a very interesting governance structure that revolves around 21 elected block producers.
The Weiss Ratings have been a very well-respected metric in the time that they have been evaluating projects. They analyze cryptocurrency projects and provide a ranking and grading system for each one.
Weiss believes that EOS will become the backbone of the new internet, and for this reason they provided EOS with a grade A in Technology and Adoption. With their A grade, EOS enjoys topmost marks in Weiss’s ranking system, alongside only Ripple and Bitcoin.
Most Actions Processed in 1 Day
Recently, Dan Larimer, the founder of EOS, took to Twitter to announce that EOS had broken the record in most actions processed in 1 day on its platform.
— Daniel Larimer (@bytemaster7) April 6, 2019
The project managed to process over 70 million transactions in one day. This is an incredible milestone to hit, especially in an industry where competing projects struggle poor scalabiliity and slow blockchains due to older technology.
Addition to Coinbase
In further recent news, EOS has been added to Coinbase Pro, one of the worlds largest exchanges. Coinbase has recently ramped up the number of coins added to their platform, so it was only a matter of time before EOS was added. Still, this is big news for the crypto platform, and their community are understandably overjoyed.
The addition of EOS to Coinbase Pro now exposes EOS to a wide range of potential new investors.
Upcoming Big Announcement
Larimer has also created a frenzy of speculation among EOS followers with the following Telegram statement:
June will be biggest news since EOS.IO announcement.
The teaser statement was posted in March, and the upcoming news has yet to be revealed. However, judging from the excitement it has generated, the news may well be groundbreaking for EOS holders. It’s definitely worth keeping an eye on the space in the coming months.
Binance Coin (BNB)
Binance Coin (BNB) is the token created by Binance, the world’s largest cryptocurrency exchange. The token provides trading discounts to its users and also allows them to take part in fundraising for projects on their Launchpad.
Binance Exchange recently released its Launchpad program, which allows projects to fundraise through a token sale. Each project is vetted by Binance, and therefore has gone through a series of procedures to ensure its validity.
The Launchpad has experienced recent success with the launch of the BitTorrent Token, which sold out in a matter of minutes, leaving many potential investors upset after not being able to partake in the sale.
To combat this, Binance has decided to change the format of token sales on the Launchpad. The new format will be structured as a lottery, where Binance token holders will receive a number of lottery tickets depending on how much Binance Coin they hold in the 20-day period before the token sale.
This means that users will have to hold a significant amount of Binance Coin, around $1,500 at today’s prices, for a period of 20 days before they are able to take part in the sale. This keeps the Binance Coin away from the market, and further helps to increase prices.
Binance also has a buyback and burn program that is dedicated to buying up Binance Coin tokens and burning them, further reducing the supply available. As the supply is reduced, the price of each coin should rise so long as the demand stays the same or increases.
Every quarter, Binance allocates 20% of their profit to buy as much BNB as possible to burn. They will continue to do this until 50% of the available supply has been removed from circulation, leaving around 100 million coins in total.
Although the 2 projects mentioned are a long way from Ripple’s standing in today’s rankings, if EOS and Binance Coin can continue to climb at the same pace they have been recently climbing, they will be able to rival and perhaps dethrone Ripple in the coming months. At any rate, they are serious contenders in the crypto markets as things stand now.
However, Ripple has a serious advantage over both of these projects, considering how far ahead it already is. Ripple is a well-known name with a working product and strong global partnerships. Ripple will have to remain stationary or even drop in market value before they either EOS or Binance Coin is able to usurp the title of 3rd-ranked cryptocurrency project.