Ripple’s XRP token is experiencing its most prolonged period of dominance over Ethereum (ETH) ever recorded, boasting six consecutive months of stronger performance. This unprecedented run analyzing XRP ETH performance began back in November 2023.
Since then, XRP has posted significant gains relative to ETH: 160.4% in November, 18.5% in December, 47.3% in January, 4.3% in February, 19.6% in March, and 14.3% in April. Cumulatively, XRP’s value has climbed over 264% against Ethereum during this half-year period.
This sustained outperformance is unusual in the history of these two major digital assets, as XRP rarely maintained an edge over ETH for more than two months at a time. The current streak naturally prompts questions about its sustainability.
Adding fuel to the discussion, one crypto analyst noted that XRP recently surpassed a critical long-term resistance level on the XRP/ETH trading pair (approximately the 0.00022–0.00025 ETH range). This technical threshold has been relevant for over eight years. Historical data from early 2017, late 2017, and 2018 shows that XRP often saw accelerated gains after converting this resistance zone into support.
If past patterns repeat, this technical breakout could suggest XRP’s recent strength is more than a fleeting event, potentially signaling a significant shift in market dynamics between the two cryptocurrencies.
Several developments may be bolstering XRP’s momentum. Factors include its reported inclusion in the U.S. strategic reserves and ongoing speculation about a potential resolution to the long-running SEC lawsuit against Ripple. Furthermore, anticipation surrounds a possible spot XRP exchange-traded fund (ETF), with prediction market Polymarket indicating a 77% perceived chance of approval in 2025.
Conversely, Ethereum faces headwinds that appear to be impacting investor sentiment. Analysis suggests upcoming network upgrades, Pectra and Fusaka, might inadvertently dilute ETH’s value accrual by primarily benefiting Layer-2 solutions built on Ethereum, potentially weakening its core revenue streams.
Ethereum’s fundamental metrics have also shown signs of weakening. Data compiled by DeFiLlama indicates a drop in Ethereum’s total value locked (TVL) from around $70 billion early in the year to $46 billion recently. Monthly network revenue has also reportedly declined sharply, falling from $109 million in January to just $7.2 million in March. Additionally, spot ETH ETFs have experienced persistent outflows.
From a price perspective, ETH recently entered a multi-year trading range and currently trades near its midpoint. Without renewed buying pressure, the asset risks declining towards the lower boundary of this range. Such a move could lead to either a strong rebound or a more severe breakdown, potentially pushing prices below the $1,000 mark.
While the longevity of XRP’s winning streak against ETH remains uncertain, the current market momentum clearly favors the Ripple-associated token.