Many proponents of Ethereum (ETH) are beginning to realize how possible it might be for the coin to be displaced as the second-largest cryptocurrency by market cap. Breaking the silence on this growing debate is pro-crypto lawyer John Deaton, who noted the possibility that XRP is a prime candidate to displace ETH.
Hot Take on Ethereum and XRP Rivalry
According to Deaton on X, he has heard a lot of conversations in the industry regarding Ethereum becoming obsolete. He noted that this is not a take from XRP maxis that hate Ethereum but from industry personalities like Laura Shin.
As an independent Journalist, Shin is recognized for her broad coverage of the Ethereum ecosystem. Recently, she put up a post in which she sought to probe what would happen to the ETH chain. While she did not feature XRP, it hinted at a shift from the dominating position linked to the coin.
To Deaton, it is mindblowing to hear people questioning Ethereum’s dominance. He further expressed dismay at how the conversation has even shifted to the network’s relevance in the future.
He recalled the unfair advantage handed down to Ethereum by the US Securities and Exchange Commission (SEC). Specifically, Bill Hinman’s June 14, 2018, speech tipped Ethereum as the only game in town.
According to Deaton, this made most industry developers flock to the chain.
Ethereum Threat is Beyond XRP
Per the crypto market ranking, ETH has a capitalization of $378.08 billion with a price of $3,136. XRP, on the other hand, is worth $167.71 billion with a price of $2.90. In a recent analysis, top analyst Egrag Crypto uncovered how XRP price could flip ETH.
Despite this speculation, a featured video by John Deaton shows the worry for Ethereum is beyond XRP. The video featured an ALLINCRYPTO session where the speaker teased protocols like XDC Network and Hedera (HBAR) as other favorites for the displacement of the ETH.
These two protocols were chosen because XDC focuses on trade finance, and Hedera is making waves with tokenization.
A Level Playing Field
With the US having a pro-crypto President, industry leaders are pushing for a level playing field for all assets. Unlike the initial plans to set up a strategic Bitcoin reserve, the first crypto Executive Order signed by the President sued for creating a national digital asset stockpile.
This stockpile will involve other cryptocurrencies, giving every US coin a fair representation in the reserve. While Bitcoin maxis have slammed this move and Ripple Labs’s role, altcoin innovators believe it is an ideal plan.
If achieved, coins like XRP will gain more exposure, further taking in liquidity that might make it compete with Ethereum in the long term.
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