Possible XRP Worth if Bitcoin Hits Bitwise-Predicted $2.97M

XRP price may benefit substantially if Bitcoin reaches the ambitious target set by prominent asset manager Bitwise in one of its latest reports.

While the crypto market has entered a downturn, some investors remain optimistic that the bull run is far from over. Interestingly, as market watchers anticipate higher prices in this cycle, asset manager Bitwise is already projecting Bitcoin’s potential price in the next 10 years.

Bitwise Predicts Bitcoin to Hit $2.97M in 2035

Specifically, in one of its recent reports, Bitwise predicted that Bitcoin could grow to a price between $1.3 million and $2.97 million by 2035, a decade from now. According to the report, in a base case scenario, the Bitcoin price would trade at $1,306,740 by 2035. Meanwhile, it could reach as high as $2.97 million in a bull case.

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With Bitcoin currently changing hands at around $111,000, either of the two cases would translate to an impressive growth for the premier crypto asset over the next decade. However, what’s more exciting is how this could impact the broader crypto market, spilling into altcoins like XRP.

This is typically due to the correlation between Bitcoin and the crypto market. This correlation can be a bittersweet experience for altcoins, as they usually drop with Bitcoin during market uncertainties, but appreciate with the firstborn crypto when it stages a recovery campaign. 

As a result, Bitwise’s future outlook for Bitcoin bodes well for altcoins, especially top ones like Ethereum (ETH) and XRP, which remain closely aligned with Bitcoin. For instance, data from Macroaxis shows that Bitcoin and XRP have a near-perfect correlation coefficient of 0.91 over the past three months. 

Notably, this shows that both assets have moved together within this period, showing almost no diversification. If this pattern persists over the years and Bitcoin hits $2.97 million, XRP will likely claim higher prices. For context, Bitcoin would need to surge 2,575% from its current price to reach the $2.97 million target from Bitwise.

Possible XRP Price if BTC Hits $2.97M

Today, XRP trades for $2.83. If it replicates a similar 2,575% upsurge, the price will rise to $75.7, marking a new all-time peak. However, it is unlikely that XRP will trail Bitcoin’s price movements so closely due to the slight deviations both assets face during these rallies. 

Specifically, XRP often surges at a higher pace during periods of market growth. For instance, over the past three months, while both assets have had a close price correlation, Bitcoin is up 6%. Meanwhile, XRP has gained by a massive 30%, outperforming BTC by exactly 5x.

Supposing this deviation in price performance drops to around 2x in the future, XRP would soar to a price of $151.4 when Bitcoin claims a $2.97 million value. Interestingly, Telegaon analysts expect XRP to surpass this $151 price level, but they predict this could happen in 2040, five years later.