Ripple [XRP] has experienced a strong upward movement

Over the past five months, Ripple [XRP] has experienced a strong upward movement.

Over the past five months, Ripple [XRP] has experienced a strong upward movement. Since the U. S's election in November 2024, XRP has surged to outperform most altcoins. This performance has positioned XRP in a favorable position to challenge its largest rival, Bitcoin [BTC].

In fact, over the past 60 days, the market has seen only 3 out of 57 altcoins outperform Bitcoin, with XRP being one of them. As such, XRP has recorded the most gains among altcoins against Bitcoin.

Thus, while others have recorded a negative value performance against BTC, XRP has outperformed Bitcoin by far as the only asset to record positive returns over the past 60 days. Among this, BTC saw a negative return of -8.39%.

In context, most of the altcoins undertook a poor performance, with many down 30-60% against BTC. For instance, at press time, large altcoins such as ETH were down by 38%, Solana [SOL] by 31%, and Dogecoin [DOGE] was 48% down against BTC.

With established coins recording such a poor performance, it shows the strength and influence that XRP now has in the crypto market.

What is being affected by the strong XRP performance?

The recent XRP performance is not an isolated case, as the altcoin has experienced strong growth in its fundamentals over the past six months.

For starters, XRPL's total addresses have constantly grown over the past year. Over this period, total addresses surged from 5.5 million to 6.7 million at press time. This marked a 1.2 million address increase in one year.

On the other hand, Bitcoin has seen only a 100k addresses increase over the same period. This difference shows that XRP is experiencing aggressive adoption, with a higher adoption rate than BTC.

Additionally, XRPL's Circulating Marketcap Dominance has experienced strong growth, rising from 1.09% to 5% over the past year.

This period saw the altcoin's market rally from a low of $23 billion to a high of $188 billion, flipping coins like SOL and USDT. Such a strong rally was accompanied by a strong price uptick, with prices rallying by 315%.

While BTC, too, has grown over the past year based on this metric, its prices have risen only by 35% over the past year while its market cap has grown by 54.5%.

Such strong growth in market dominance for XRP shows that many investors have turned to the asset, especially because of its lower prices compared to BTC. As such, the altcoin has experienced massive capital inflow from both retail holders and large entities.

Can XRP surge to challenge BTC?

Overthrowing Bitcoin seems far-fetched, but XRP is on the right path for sustained market dominance.

With legal hurdles slowly disappearing, XRP's growth in the near term could flip Ethereum [ETH], becoming the largest competitor to BTC. As such, the current conditions are favorable for XRP's sustained growth.

In the short term, it's unlikely to achieve this goal, especially over the uncertain macroeconomic data affecting the crypto market.

Thus, the short-term target for the altcoin is to reclaim its ATH of $3.8 and hit $4, then flip $200 billion in market cap. Until these goals are achieved, BTC will remain a far-ahead competitor.