XRP price could skyrocket to a two-digit value of $23 if it reaches the market cap of Bitcoin (BTC), the largest cryptocurrency by market valuation.
The broader crypto market downturn has impacted XRP more severely than most other crypto assets. Notably, this impact is observed in a sustained price suppression that has hindered XRP from surging as much as other tokens during a market uptrend.
XRP Turbulence Impacts Its Market Cap
Specifically, XRP is only up 1.48% since the first phase of the ongoing bull market commenced in October 2023. Meanwhile, Bitcoin has recorded a 148% increase, with Ethereum (ETH) and Solana (SOL) respectively seeing gains of 87% and 733% within the same timeframe.
XRP’s underperformance has directly impacted its market cap, leading to its displacement on the top 10 ranking by Solana last December. Solana now boasts a valuation of $78 billion, making it the fifth largest asset by market cap. However, XRP’s market cap sits at $29 billion, ranking it seventh, immediately below USDC.
Despite XRP’s unfavorable performance, several market analysts expect it to impress as the bull market progresses. Most of these analysts cite historical context for their projections, as XRP exhibited a similar dull movement at the start of the 2017 bull run before eventually skyrocketing by more than 48,823%.
Nonetheless, some of the XRP price predictions from analysts have been summarily dismissed as wishful thinking by industry commentators. For instance, some assert that XRP could reach $10,000. Also, analyst EGRAG recently predicted XRP to clinch a $33 price, citing historical context.
XRP Price if It Reaches Bitcoin Market Cap
The argument against most of these predictions is XRP’s market cap if it ever reaches them. At a $10,000 price, XRP would have a market cap of $550 trillion, making it by far the largest asset in the world. There is not enough money to sustain this market valuation.
As a result, we assessed what XRP price can realistically spike to if it captures a market cap already proven feasible in the crypto industry. With Bitcoin being the largest crypto asset, its valuation represents the highest feasible one for any cryptocurrency, currently standing at $1.32 trillion.
At this point, Bitcoin is 45.56x above XRP in market capitalization. Data confirms that if XRP captures this $1.32 trillion market valuation, its price per unit would skyrocket to $23.91, marking a double-digit figure, and a 622% increase from the current all-time high of $3.31.
Multiple analysts argue that this price is completely feasible for XRP. In March, EGRAG contented that XRP could surge to $27. Last year, market analyst Permabull predicted XRP to hit $23.8 by June. However, this projection failed to materialize. XRP currently trades for $0.5243, up 0.7% over the last 24 hours.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
