XRP price could reach a three-digit figure if the crypto market maintains its current dynamics when Bitcoin hits a $200 trillion market cap as projected by the Blockstream CEO.
Despite the ongoing market-wide uncertainty, crypto investors have maintained optimism in their respective assets, including XRP, as confidence builds. One of the primary reasons behind this confidence is the slew of bullish predictions surrounding the global crypto market.
Blockstream CEO Sees Bitcoin Hitting $200T Market Cap
For instance, Adam Back, co-founder and CEO of Bitcoin-focused technology firm Blockstream, recently suggested that Bitcoin could claim a massive $200 trillion market cap. According to him, this growth could be triggered by the activities of Michael Saylor’s Strategy and other firms focused on accumulating Bitcoin.
Notably, public and private companies have procured 1.119 million Bitcoin, representing 5.33% of Bitcoin’s total supply, over the past years. These tokens are currently worth $105 billion at press time, with Strategy holding the biggest share, as its balance amounts to 553,555 BTC worth $52.26 billion.
Back believes this growing accumulation trend could lead to what he calls hyperbitcoinization, contributing to a massive spike in its price and market cap. However, if Bitcoin ever claims the projected $200 trillion market cap, representing a 10,595% increase from the current figure of $1.87 trillion, altcoins such as XRP would benefit.
This is due to the extreme price correlation between Bitcoin and altcoins like XRP. Particularly, data from CoinMarketCap confirms that XRP and Bitcoin have traded in the same direction over the past month despite a slight deviation in their price actions earlier on.
XRP Price if Bitcoin Claims the $200T Valuation
If this pattern persists, and the overall crypto market maintains its current dynamics, XRP price could skyrocket as well, should Bitcoin claim the $200 trillion market cap. Specifically, if Bitcoin sustains its current market dominance of 64.73% when it hits a $200 trillion market, the broader crypto market cap would amount to $309.02 trillion.
At this rate, other assets such as XRP would also need to maintain their respective dominance positions or witness an increase to see corresponding gains. Currently, XRP has a market dominance of 4.35%. If it sustains this position when the broader market hits $309.02 trillion, its market cap will skyrocket to $13.44 trillion.
Now, considering the current circulating supply of 58.5 billion XRP, a $13.44 trillion market cap would translate to an XRP price of $229 per token. This would mark an increase of 10,534% from the current XRP price of $2.45, aligning with the rise in Bitcoin’s market valuation.
While this price appears rather too ambitious for XRP, some market resources believe the asset is capable of claiming it. However, they predict it could happen in the years to come. For instance, Telegaon analysts expect XRP price to cross the $200 mark by 2050, predicting a maximum price of $285.5 for the altcoin.
Changelly believes XRP will hit $229.65 to $272.51 in January 2040.
On the other hand, with XRP’s current supply of 57.3 billion in circulation and a total supply of 100 billion tokens, XRP would need a $5.73T market cap to hit $100, far above today’s total crypto market. Hitting $300 or $500 would rival gold’s value, making such prices highly unrealistic in the near future.
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.
