Zcash has returned to focus after a U.S. exchange-traded fund push, reviving speculation that the privacy coin could overtake XRP by market capitalization. The independently verifiable catalyst is a securities registration filing with the U.S. Securities and Exchange Commission dated Aug. 21, 2026, tied to the ZCSH ticker. The filing begins disclosure and review procedures but does not establish realized inflows, a listing date or a specific price. A market-cap flip would require ZEC to surpass XRP based on price multiplied by circulating supply, not merely post a higher token price. No verified market-cap, price or volume figures for either asset are available in the research, although a live snapshot dated Aug. 24, 2026 shows them operating at different scales. Claims that ZEC reached an eight-year price record remain unconfirmed. Zcash has structural disadvantages including fewer exchange listings, thinner liquidity, and compliance-related restrictions affecting privacy coins, while XRP’s own ETF market has advanced, with XRP ETFs recording their best week since May as the token reached a seven-month high. The key milestones are whether the filing becomes effective, whether an exchange and launch date are confirmed, and whether verified data show ZEC narrowing the gap to XRP.