XRP to Hit $5 Being the Only Asset to Surpass ETH’s Market Cap

XRP could reach a $5 price in the foreseeable future, according to Versluis who highlighted that it is the only asset to have surpassed ETH in market cap.

Mason Versluis, notable crypto podcaster and the founder of Gold Squad, remains bullish on XRP. The crypto influencer recently implied that the asset has the potential to hit $5 in the foreseeable future. Versluis’ confidence in this assertion is compounded by the fact that XRP remains the only asset to have ever surpassed Ethereum in terms of market cap.

In a recent tweet, Versluis acknowledged that it is easy to ridicule crypto proponents who forecast a $5 price target for XRP. This is likely because XRP would need to surge by 900% from its current price in order to hit $5. Some investors may harbor doubts about the asset’s capacity to rally by such an extent.

It’s easy to laugh at someone when they say $XRP will hit $5.

Do NOT underestimate one of the only coins to ever surpass $ETH in market cap ?‍???

— MASON VERSLUIS ?? (@MasonVersluis) May 29, 2023

However, the crypto influencer emphasized that the community should not underestimate the potential of XRP, as it remains the only asset to have surpassed Ethereum’s market capitalization. This feat is a testament of XRP’s capacity to register astronomical gains. The asset is also known for staging periodic solo rallies.

Notably, XRP has surpassed Ethereum’s market cap on numerous occasions in the past. The first time this happened was on May 8, 2017 when XRP hit a valuation of $8.347 billion with ETH standing at $8.341 billion. This made XRP the second largest crypto asset. The asset achieved this feat two more times in December 2017 and also in September 2018.

Is XRP Undervalued?

Presently, most investors believe XRP is immensely undervalued at its current price. These investors point to the long-standing litigation between Ripple and the US SEC as the major factor behind the pressure on XRP’s price. They assert that an end to the legal dispute would lead to a price surge, with the asset potentially hitting $5.

Certain individuals have presented several models for determining XRP’s fair market value, as they believe the asset’s current market price is way below its intrinsic value. As The Crypto Basic recently reported, Matt Hamilton, a former Ripple Director, cast doubts on the latest of these models.

In January, Versluis also highlighted XRP’s hidden potential due to its utility as an efficient bridge currency for fast and effective cross-border transactions. “XRP solves a MULTI-TRILLION dollar problem,” Versluis said. He noted that the asset should at least be trading at $5. 

It is important to note that several analysts have forecasted a looming XRP pump. Particularly, Egrag, a notable chartist, recently emphasized that the asset’s next trajectory could either take it to $3.3 or $250. Meanwhile, XRP is currently trading for $0.5005, up 3.67% in the past 24 hours.