A Reality Check on Market Position
As of November 18, 2025, the market data illustrates the scale of the challenge ZEC faces. Zcash (ZEC) has indeed re-entered the top 20 cryptocurrencies, with a market capitalization of approximately $9.92 billion and a price of around $608 per token. This represents significant growth, with one report noting a 24% price surge in a single day, pushing its value above $640.
However, XRP maintains a much larger market presence. Its market capitalization is currently about $133.49 billion, with a price near $2.22 per token. This means XRP’s market cap is over 13 times larger than ZEC’s. For ZEC to even draw level, it would require a price appreciation of over 1,200%, pushing its token price to unrealistic levels in the short to medium term.
Catalysts Fueling Zcash’s Momentum
ZEC’s recent surge and optimistic outlook are driven by several key factors, with its upcoming halving event taking center stage.
The most significant immediate catalyst is the Zcash halving, scheduled for November 2025. This event will cut the block reward for miners by 50%, from 3.125 ZEC to 1.5625 ZEC. This reduction in new supply introduces a strong element of scarcity. Historically, such events have preceded major price rallies for ZEC; after its 2020 halving, the token’s price increased by 175% within three months. Some analysts project that if current momentum holds, ZEC could extend its climb toward the $1,000 region.
This optimism is bolstered by growing institutional interest. Notably, Cypherpunk Technologies allocated $50 million from its treasury to purchase ZEC, a bet that has since appreciated significantly in value. Furthermore, the narrative of financial privacy is gaining traction. High-profile endorsements, including from BitMEX co-founder Arthur Hayes who has publicly called privacy a “moral necessity,” have bolstered ZEC’s profile. On-chain data also shows a 15% monthly increase in shielded ZEC holdings, suggesting rising investor preference for its privacy features.
XRP’s Established Strength and Regulatory Clarity
While ZEC has compelling catalysts, XRP’s position is defended by its deep market entrenchment and recent positive developments.
A key advantage for XRP is its established utility and institutional adoption. It functions as a key settlement asset for cross-border payments within Ripple’s ecosystem, a use-case that has garnered partnerships with major financial institutions. Furthermore, XRP recently achieved a major regulatory milestone with the resolution of the SEC’s lawsuit against Ripple, which removed a significant legal overhang and cleared the path for greater institutional participation in the U.S..
This regulatory clarity has already borne fruit with the successful debut of a spot XRP ETF in the U.S., which recorded the largest first-day trading volume for any ETF this year. These developments have contributed to XRP’s strong performance; despite recent market downturns, it has gained 89% over the past 365 days, outperforming both Bitcoin and Ethereum in that period.
The Verdict on the “Flippening”
The question of whether ZEC can surpass XRP is less about short-term price swings and more about long-term, structural shifts in the crypto market.
For such a “flippening” to occur, it would require a massive reallocation of capital toward privacy-focused assets and a regulatory environment that does not suppress ZEC’s shielded transactions. While ZEC’s upcoming halving and strong narrative make a compelling case for continued price appreciation, overtaking XRP’s $133 billion market cap in the near future is a highly improbable scenario. The more realistic trajectory is for ZEC to solidify its position within the top 20 and capitalize on its own growth drivers, independent of XRP’s performance.
