Ripple’s native token XRP briefly breached the market cap of leading banking giant Citigroup late Sunday. The development indicates that the digital assets sector is growing and challenging the traditional order. Funds worth billions of dollars are entering the cryptocurrency sector, and are aiming to stand on the same stage as the stock market.
Here’s What Happened With XRP and Citigroup’s Market Cap
XRP’s market cap hit a new all-time high of $183.62 billion late Sunday, compared to Citigroup’s $183.06 billion. Therefore, XRP’s market cap went ahead of Citigroup by $560,000,000 ($560 million) late Sunday. The progress shows that fintech firms can move beyond established financial giants in market cap.
Also Read: The XRP Price Thought Ladder: $100, $1,000, $100K, $1M+
It’s a U-Turn on Monday
After XRP breached Citigroup’s market cap, things took a U-turn on Monday morning. The Ripple’s native token fell by 4% and dipped below the $3 level, hitting $2.97. The slump made the leading altcoin’s market cap plunge to the $176.8 billion range.
XRP is now behind Citigroup by $6.26 billion, and the fall came in less than 24 hours. The dip highlights the changing dynamics of the financial market. The valuation of mainstream banks is coming face-to-face with fintech startups, highlighting the changing nature of the financial sector.
Also Read: $1000 of XRP in 2014 is Worth More Than $1 Million Today
Can the Altcoin Rise Again?
Yes, XRP could breach Citigroup’s market cap again, but it could slide down like it did on Monday. The chances of a dip are high as the leading altcoin is struggling to climb above the $3.20 mark. On the other hand, Citigroup has an array of financial services that can back up its valuation, providing a wider cushion. Also, Ripple needs the support of multinational giants to grow; if not, it could lose its sheen. It’s a give-and-take policy for Ripple as stabilizing itself as a market leader could take many decades.
