XRP’s market capitalization has approached that of USDC, narrowing the gap from $75.66 billion vs. $71.65 billion in early June to $72.93 billion vs. $70.81 billion by early July 2026. Despite brief intraday data suggesting XRP might have overtaken USDC, official snapshots still show USDC slightly ahead. XRP’s recent price bounce is driven by relief buying after many holders were underwater, supported by inflows into XRP ETFs and custodial accumulation. For XRP to maintain a lead, sustained price growth or a contraction in USDC supply is needed. The dynamics differ since USDC supply fluctuates with minting/redemption, while XRP’s market cap depends on price. Investors should watch for consistent multi-day leads, volume growth, and stable inflows to confirm a lasting flip, while being cautious of market volatility and regulatory risks.
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