Solana Overtakes XRP, Climbs to Fifth Spot in Rankings

It’s been something of a miracle year for Solana. No other blockchain project was hit as hard as Solana by the FTX collapse due to the duo’s ongoing partnership. Yet, from the ashes of Sam Bankman-Fried’s misdeeds emerged a blockchain on a mission – to brush off the dust and take over the decentralised finance world. Although Solana has a lot of growth to go before it can claim Ethereum’s grasp on the DeFi throne, the journey is well and truly underway. 

SOL Surges 10%, Market Cap Breaks USD $35B 

The Solana (SOL) token has enjoyed an extraordinary past 12 months, posting gains of 569% since the beginning of 2023. It’s been a remarkable comeback for the coin, which appeared dead in the water after shedding 96% of its value following the FTX exchange’s bankruptcy. The past day alone has seen SOL increase by ~12% amid positive sentiment and ecosystem activity reaching all-time highs.

The culmination of Solana’s performance has seen it rise from a fringe top-ten crypto (by market cap) to its highest position of the year – number five. SOL has left a path of destruction in its wake, with the most recent casualty being XRP which has clung onto a top-five market cap spot for the best part of 2023.

Lukewarm Performance Frustrates XRP Holders

While the hero of this story is Solana, the journey to a top-five position also highlights the mediocrity of XRP’s price action in the aftermath of its landmark victory versus the SEC. Many in the community, especially holders of XRP, expected the ‘win’ to usher in a new bull trend for the coin. 

However, the project’s performance has fallen below expectations, with its 2023 value peaking immediately after the case before never reaching the same heights. That said, XRP is still up nearly 76% for the year, which is an excellent return for those who have been steadily accumulating over the past 24 months.