XRP (CRYPTO:XRP) trades around $1.50 after surviving a 37% flash crash that pulled the token toward $1.44 on August 22 from $1.62. The coin trades roughly 61% below its January 2018 all-time high of $3.84. Meanwhile, Ethereum (CRYPTO:ETH) trades around $2,460 and remains about 50% below its August 2025 all-time high of $4,953.
To reclaim their respective ATHs, XRP needs a 156% rally, while Ethereum needs a smaller but equally difficult 101% gain. But with Ethereum’s ATH just nine months old and XRP’s ATH now more than eight years old, which crypto will reclaim its all-time high first?
How XRP and Ethereum Have Traded in 2026
After a bearish Q4 2025 that saw XRP fall by 35.4% to $1.84 and Ethereum drop by 28.4% to $2,960, both cryptos continued their bearish momentum into Q1 2026, as seen in the table below.
| Month in 2026 | XRP | Ethereum |
| Jan | -10.6% | -17.7% |
| Feb | -16.2% | -19.6% |
| Mar | -2.79% | +7.07% |
| Apr | +2.13% | +7.38% |
| May | -2.64% | -11.2% |
| Jun | -22.1% | -21.8% |
| Jul | +2.11% | +18.5% |
| Aug | +41.6% | +30.7% |
The U.S. and Iran conflicts escalated in January and risk appetite for crypto assets collapsed as the news hit the market. XRP fell 10.6% in January and another 16.2% in February, before easing to a 2.79% drop in March, bringing its cumulative Q1 performance to -27.1%.
Ethereum, meanwhile, fell even steeper over the same stretch, down 17.7% and 19.6% in January and February, before closing March in the green zone at 7.07%. The recovery was driven by increased ETF demand and continued ETH outflows from major exchanges, which reduced immediate supply pressure, but ETH still ended Q1 near $2,097, a 29.1 quarterly loss.
The U.S. and Iran agreed to a two-week ceasefire in April, and XRP rallied by 2.13% to $1.36, while Ethereum posted a 7.38% gain to $2,256. But the relief didn’t last and XRP dropped 2.64% in May and 22.1% in June, closing the quarter around $1.03, a 22.4% loss. Ethereum recorded a steeper loss of 25.3% in that same quarter, falling 11.2% in May and 21.8% in June to trade at $1,560.
So far in Q3, Ethereum has rallied from $1,569 on July 1 to its current price today, a 54.9% gain. XRP has also delivered a roughly 45% gain in Q3, moving from $1.03 to $1.50 today.
What Will Determine Which Crypto Reaches Its ATH First?
The race between XRP and ETH will depend on several catalysts aligning in the short and long-term. These catalysts could sustain demand and push both cryptos toward their respective ATHs.
Ethereum
Ethereum’s biggest catalyst for a rally toward its ATH is the Glamsterdam upgrade, which aims to increase the block gas limit, lower fees, and improve network capacity. The upgrade is scheduled for its first Sepolia public testnet fork on September 28, but its exact Q4 2026 mainnet launch date remains unknown, which has prevented the market from pricing it in appropriately. If developers announce an official date soon, it could boost ETH’s rally and set the stage for a move above $3,000.
Ethereum also needs stronger and more consistent ETF inflows, like the $697.2 million pulled in by the funds in the week ending August 21, their strongest since August 2025. As inflows strengthen, more ETH tokens will be taken off the open market, potentially tightening supply and helping sustain its bullish momentum.
XRP
XRP’s rally toward $3.84 follows an uncertain path because its biggest catalyst of the year, the CLARITY Act, remains before the Senate, with its passage still uncertain. The Senate went into recess on August 8 without holding a floor vote, but Majority Leader Senator John Thune filed a cloture motion—a procedure used to bring a prolonged debate or filibuster to a quick end—setting up a procedural vote for September 15.
However, Republicans still need about seven Democratic votes for the cloture motion to pass, making the bill’s progress difficult to predict. If the cloture motion succeeds, XRP could rally toward $1.70 and potentially reclaim $2. If the legislation passes a few weeks later, XRP could ride that momentum to $3, potentially setting the stage for a move above $3.84.
Which Crypto Has the Easier Road to a New All-Time High?
Ethereum has the easier path back to its all-time high, even though it still needs a 101% rally to get there. The coin’s recovery depends mainly on factors already developing within the Ethereum ecosystem, including the Glamsterdam upgrade, stronger ETF inflows, and growing institutional demand. Unlike XRP, these catalysts could drive ETH’s price without requiring a major regulatory or legal breakthrough.
XRP, meanwhile, needs a larger 156% gain to reclaim $3.84, and the CLARITY Act’s uncertain timeline for passage could delay its rally toward its ATH. If the cloture vote succeeds, it could give XRP a major boost to trade above $2, with a full Senate vote pushing the coin toward $3.
That momentum could help XRP close the gap quickly and set up a faster rally toward its ATH. Until the Senate acts, Ethereum’s steadier climb keeps it ahead in the race back to its ATH.
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