The price of Zcash ($ZEC) has exceeded $814 for the first time in eight years, fully recovering from its June decline to $250 caused by a vulnerability in the Orchard pool. The coin’s surge and increase in market capitalization to $13.74 billion were driven by the upcoming listing of the first spot Zcash fund, the Zcash ETF, prompting the community to discuss whether Zcash could eventually “flip” $XRP by market capitalization.
Grayscale Investments has already submitted the final documents to the SEC. Trading in the fund under the ticker ZCSH is expected to begin on NYSE Arca on August 25, 2026. The fund holds up to 393,000 $ZEC worth more than $260 million, with Coinbase serving as custodian.
Zcash’s surge ahead of its NYSE listing has brought financial privacy back into the spotlight. Mert Mumtaz, CEO of infrastructure company Helius, reiterated his earlier call to “encrypt the money” and publicly pledged to lobby for privacy coins until Zcash regains its status as a top-three asset by market capitalization.
The executive emphasized that transaction protection is a basic human right in digital finance, effectively calling the technology the “second amendment of the internet.”
Is an $XRP “flip” realistic?
Following statements from industry leaders, the expert community has begun actively discussing theoretical scenarios in which Zcash and $XRP could reach comparable market shares.
The choice of the Ripple-associated token as the main benchmark for a potential “flip” is driven by its status. Historically established among the world’s five largest cryptocurrencies, $XRP represents the main barrier on the path to the top of the market, behind only Bitcoin, Ethereum, and stablecoins.
In addition, both coins now compete in the same traditional finance arena: $XRP already has ETF structures trading in the United States, and Zcash is now joining it.
In numerical terms, the difference looks as follows:
- $XRP has a market capitalization of $93.45 billion at a price of $1.49 per token, driven by the enormous number of coins in circulation.
- Zcash currently has a market capitalization of $13.74 billion.
- Due to Zcash’s strictly limited supply, if it hypothetically reached $XRP‘s current market capitalization, one $ZEC would be worth $5,537.93, representing a 680% increase from current levels.
Access to the traditional stock market through an ETF listed on NYSE Arca, together with preparations for quantum-resistant network upgrades, has shifted medium-term expectations among major market participants toward $2,500 and above.
Nevertheless, analysts view the scenario in which Zcash could fully “flip” $XRP exclusively as a long-term mathematical benchmark. The true depth of institutional demand for Zcash will be determined by ZCSH’s trading volumes during the first few days after its listing.
