XRP and Ethereum had been in a battle for the second spot for years until the former entered a bearish phase following the SEC’s lawsuit.

With Bitcoin (BTC) securing its spot as the largest crypto asset by market cap, Ethereum (ETH) has also maintained the second spot for years. However, this dominance for first and second positions was not always the case.

Notably, while BTC has always remained the largest asset, the position of the second-largest cryptocurrency was once a constant battle between XRP and Ethereum, with both assets occasionally retaking and relinquishing this position for years. 

For context, before the launch of XRP and Ethereum, Litecoin secured the second spot among the largest crypto assets until October 2014, when XRP surpassed it to hold this position.

XRP and Ethereum’s Battle for Second Spot Before the SEC Lawsuit

XRP maintained this spot, with Litecoin unable to catch up, until Ethereum outranked it in February 2016. CoinMarketCap’s historical snapshot confirms that Ethereum soared to a market cap of $358.3 million in late February 2016, while XRP had a valuation of $276 million. 

Throughout 2016, Ethereum held the second spot, eventually closing the year with a valuation of over $600 million, over $400 million higher than XRP’s $200 million valuation. 

However, things changed in December 2017 on the back of XRP’s meteoric run. By December 31, 2017, XRP boasted a market cap of $89.12 billion, holding the second spot, while Ethereum, which had a market cap of $73.17 billion, was relegated to third.

Nonetheless, as XRP witnessed a massive correction, Ethereum retook the second spot. In 2018 alone, the two assets continuously reclaimed and lost this position, with XRP closing the year as the victor with a valuation of $15.07 billion, dwarfing Ethereum’s $14.56 billion.

Aftermath of the SEC Lawsuit

This battle slipped into 2019 and 2020, but Ethereum mostly maintained the second spot. However, following the SEC’s lawsuit against Ripple in December 2020, XRP collapsed further, even relegating the third spot and slipping to as low as seventh in February 2021. 

In recent years, specifically in 2023 and 2024, XRP also struggled to even make it to the top 5. Even in October 2024, XRP languished in the seventh spot, with a market cap of $29.3 billion, ten times less than Ethereum’s market cap of $301.7 billion at the time.

XRP’s breakthrough materialized in November 2024 following the U.S. elections. By Dec. 8, 2024, the asset had recovered the third spot with a market cap of $148.98 billion. However, this was still $334 billion below Ethereum’s market cap of $482 billion.

Interestingly, due to its greater resilience amid the market-wide bearish pressure that began in February 2025, XRP is now closer to overtaking Ethereum than it has been in years. Currently, XRP’s market cap of $138 billion is $169 billion away from Ethereum’s valuation of $307 billion.

For context, XRP only needs to rally to a price of $5.24 to overtake Ethereum in market cap. This would require a 122% increase from the current price of $2.36. With the SEC lawsuit now heading toward a definitive settlement, most believe XRP could eventually retake the second spot if it maintains its growth momentum.