XRP might actually be closer to breaking into the top 50 list of largest assets globally than most investors believe.
Notably, XRP is only the third crypto asset to make it to the top 100 list of largest assets by market cap in recent times. Besides XRP, only Bitcoin (BTC), the biggest crypto asset, and Ethereum (ETH), the altcoin king, have made it to the top 100 list. Now, to make it to the top 50, XRP needs to breach the $4 mark.
XRP Slips Outside the Top 100 List
However, today, XRP has slipped outside the top 100 list amid its recent price struggles. For context, while Ethereum has gained over 7% in the past week alongside the rest of the altcoin market, XRP has dropped 0.76% within this period despite bullish developments surrounding the SEC vs. Ripple lawsuit and spot ETFs.
As a result of these price struggles, XRP has dropped below the $3 psychological mark, currently trading for $2.94, with its market cap sitting at $175.27 billion. At this position, XRP dropped out of the top 100 list of largest assets, with BlackRock, which now boasts a market valuation of $177.79 billion, taking its place as the 100th largest asset.
Notably, for XRP to recover this spot, it only needs to reclaim the $3 psychological mark, which would push its market cap to $178.44 billion, surpassing BlackRock again. Interestingly, from here, the road to the top 50 is actually easier to attain, especially if XRP leverages the $3 level as a launchpad.
How High XRP Must Rise to Enter the Top 50
For context, the 50th largest asset in the world is the China Construction Bank (601939.SS), which currently has a market cap of $266.1 billion at press time. For XRP to reach this level, it would need to soar to a new all-time high both in price and market cap.
Specifically, XRP’s all-time high market cap stands at $216.7 billion, attained on July 18 when it hit a contested all-time high price of $2.66. At this position, XRP was already among the top 80 assets and was around $50 billion away from breaking into the top 50.
Today, it needs to add about $88 billion to its current valuation to enter the top 50. With the circulating supply now at 59.48 billion tokens, XRP price would need to rise to $4.48 for it to add the $88 billion and cross a $266.1 billion market cap to break into the top 50 list of largest assets by market cap.
Notably, XRP would only rise 52.3% from the current price of $2.94 to hit this $4.48 price mark. Interestingly, several market analysts have predicted XRP to cross the $4 level, butmost believe it would not mark its top for the cycle. This month, analyst VirtualBacon suggested that XRP was showing a pattern of higher highs, potentially leading to $4.47.
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.
