Ripple CTO Emeritus: XRP Could Overtake Bitcoin in Market Cap

David Schwartz, CTO Emeritus of Ripple, believes that XRP could eventually surpass Bitcoin in total market capitalization. Speaking during an X Spaces session, Schwartz suggested that such a shift is possible if XRP grows at a significantly faster rate than the industry leader.

Schwartz clarified that this potential "flippening" would not be the result of Bitcoin shrinking or losing value. Instead, he argued it would be driven by the expanded adoption of the XRP Ledger (XRPL) and a surge in institutional demand. To overtake Bitcoin's current market capitalization of approximately $1.5 trillion, mathematical projections suggest XRP would need to reach a price of roughly $25 per token.

The Path to a Flippening

The concept of the "flippening" has long been a point of speculation within the cryptocurrency community, referring to the moment an altcoin displaces Bitcoin as the most valuable digital asset. While Bitcoin is widely regarded as "digital gold" and a primary store of value, XRP is positioned as a utility token designed for high-throughput cross-border payments.

This is not the first time XRP has challenged the market hierarchy. During the 2017–2018 bull run, XRP successfully flipped Ethereum to become the second-largest cryptocurrency by market capitalization. Current discussions regarding a potential flip of Bitcoin are being renewed by technical upgrades to the XRPL and the emergence of institutional investment vehicles.

Institutional Integration

The shift toward institutional adoption is already visible in regulatory filings. According to 13F filings, Goldman Sachs has been identified as the largest disclosed institutional holder of spot XRP ETFs. These investment products have seen a cumulative inflow of approximately $170 million, signaling a growing appetite for XRP among traditional financial giants.

Why the Shift Matters

If a utility-focused asset like XRP were to overtake Bitcoin, it would represent a fundamental change in how the market values blockchain technology. It would signal a transition from valuing scarcity and store-of-value properties to prioritizing network throughput and deep integration into the global financial system.

What to Watch

Investors and analysts will be monitoring the pace of XRPL adoption and the continued growth of spot XRP ETFs to see if Schwartz's projection holds weight. While the mathematical path to $25 per token is clear, the actual realization of this growth depends on the continued migration of institutional payment flows onto the ledger.