Industry pundit Chad Steingraber has set audacious cycle top targets for Bitcoin (BTC), Ethereum (ETH) and XRP, predicting XRP to hit a $250 price peak.
While XRP has failed to catch up with the gains of the broader crypto market, industry commentators remain confident of its potential to outperform in the long term. For context, BTC is up 64% this year, while ETH has gained 61%. In addition, Solana (SOL) has spiked 59.8%, with Binance Coin (BNB) up by a remarkable 119% since January.
XRP Underperformance
Meanwhile, within the same timeframe, XRP is down 18%, making it one of the few mainstream assets suffering declines this year. Despite the shocking market performance, commentators such as Chad Steingraber, an independent game developer, expect XRP to catch up with the rest of the market as the bull run matures.
One of the driving forces behind this optimism is XRP’s remarkable performance in 2017. Notably, XRP recorded similar dull movements from 2016 to 2017, before that cycle’s bull run. During this period, XRP lagged behind the rest of the market, while others recorded spikes. However, as the bull run matured, XRP outperformed the market, soaring 48,823%.
Bitcoin and Ethereum Projections
Steingraber’s recent projection suggests that this pattern might repeat. He presented three predictions for Bitcoin, Ethereum and XRP price peaks during the current market cycle. According to him, Bitcoin could soar to a peak price of $250,000.
This cycle top / 2025
—BTC $250K
—ETH $25K
—XRP $250SYNERGY
— Chad Steingraber (@ChadSteingraber) March 31, 2024
Several analysts and industry leaders have also predicted similar targets for Bitcoin. For instance, two years back, billionaire Tim Draper expressed confidence that BTC could hit $250,000. However, his timing was off, as he predicted this to occur between late 2022 and early 2023. Market analyst Raoul Pal also recently predicted a $250,000 price for BTC.
In addition to Bitcoin, Steingraber projected Ethereum to hit a peak of $25,000 this cycle. This projection is merely 13% over the $22,000 Ethereum price prediction recently made by leading asset manager VanEck. However, Standard Chartered’s Geoffrey Kendrick presents less ambitious targets of $8,000 and $14,000 for ETH.
XRP Predicted to Hit $250
Meanwhile, in the same breath, Steingraber predicted XRP to clinch a top price of $250 this cycle, as BTC hits $250,000 and Ethereum reaches $25,000. According to the game developer, these projections align with each other in a synergic nature.
Responding to the prediction, Rob Cunningham, host of the KUWL show, highlighted the necessary percentage spikes needed for these predictions to materialize. Notably, to reach $250,000, BTC must rise by 3.5x, while ETH would need a higher 6.3x increase to hit $25,000.
However, at XRP’s current value around the $0.50 price territory, Cunningham pointed out that the altcoin must rally by a massive 500x or 50,000% for the $250 value to become a reality. This confirms that XRP needs a much more substantial surge to clinch its target, making it the least likely to occur. Nonetheless, the market can be unpredictable.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
