XRP price could clinch an ambitious two-digit value if XRP’s market cap soars to equal that of electric vehicle (EV) manufacturer Tesla.

The market has not been particularly favorable to XRP in recent times. While some top assets, including Bitcoin (BTC) have recorded new all-time highs in the current cycle, XRP still trades below the peak it attained six years ago. 

XRP’s Underperformance

Recall that XRP failed to surpass this $3.31 peak during the 2021 bull run. The altcoin merely soared to a $1.96 high but failed to capitalize on the broader market rally in Q4 2021. The rest of the market witnessed new all-time peaks, but XRP failed to follow suit.

Now, as the ongoing bull market progresses, some market participants suggest XRP might again miss out on another bull rally. The asset has failed to even reclaim the $1 price, much less retest the $1.96 high of the previous bull rally. Notably, XRP’s inability to surpass its previous highs has kept its market cap at lower levels.

Following its introduction, XRP battled to secure the second spot of largest crypto assets for a time. At some point, this battle was persistently with Ethereum (ETH). However, at press time, Ethereum has completely secured this spot, with a market cap of $300 billion. Meanwhile, XRP’s market cap only sits at $28.6 billion, making it the seventh-largest cryptocurrency.

XRP Price if It Equals Tesla Market Cap

Despite this, certain experts suggest that XRP could be on the verge of a comeback uptrend. Some of these commentators try to compare XRP’s impending resurgence to Tesla’s market growth. In May, market analyst EGRAG asserted that selling XRP at the current price level is akin to selling Tesla stock when it traded for $2.50.

However, an interesting comparison from last August also showed that despite XRP’s underperformance, it still performed better than Tesla over a 10-year period. Notably, $100 invested in XRP as of August 2013 yielded $9,222 in August 2023. In comparison, Tesla boasted a yield of $2,189 within the same period.

Nonetheless, Tesla’s overall growth has been nothing short of extraordinary. The Tesla stock currently trades for $200.64 amid a 0.88% increase over the past 24 hours. At this price, its market cap currently stands at $640.97 billion, significantly higher than XRP’s $28.6 billion.

We recently assessed how much XRP’s price would be if it captures Tesla’s market cap. Notably, at a market cap of $640.97 billion, XRP price would soar to $11.44 assuming the current 55.99 billion circulating supply remains fairly constant. This would mark a 2,145% increase from the current price of $0.5094. 

Common Sense Crypto, a notable crypto handle focused on education, argues that XRP is preferable to gold, citing a crucial XRP use case.

In a recent post on X, the pundit behind the account expressed his 2024 view of various valuable assets, including crypto and traditional assets. He noted that he would rather have a Bitcoin portfolio than US dollar cash stashed in the bank.

Interestingly, the community pundit revealed that he would, however, prefer to have gold instead of Bitcoin. While he provided no specific reason for his preference for gold over BTC, even though traditional financial behemoths increasingly see BTC as digital gold, it may be due to Bitcoin’s stronger price volatility than gold. 

However, based on historical performance, holding Bitcoin over the last ten years is a more sound financial decision than gold. 

XRP Instead of Gold

Meanwhile, Common Sense Crypto disclosed a preference for XRP over gold despite favoring gold over Bitcoin, a comparable crypto asset to XRP.

The crypto educator emphasized a strong affinity for gold and silver but expressed a belief that XRP will ultimately hold greater value. This is based on the potential for XRP to facilitate the real movement of world assets, such as gold, through tokenization.

Indeed, the XRP blockchain has the capability to facilitate real-world asset (RWA) tokenization. 

XRP Facilitating Tokenization 

In June, Ripple and Archax, the first pioneering U.K. digital securities exchange, strengthened their existing alliance to usher in tokenized RWAs to XRPL in hundreds of millions of dollars. 

Earlier this month, Ripple, in partnership with OpenEden, launched tokenized US Treasury bills on XRPL. Notably, Ripple has injected $10 million into OpenEden’s TBILL tokens.

Notably, before the elevated alliance, Archax CEO Graham Rodford had publicly predicted that XRPL’s blockchain would handle $50 trillion in tokenization in the coming years. 

This bullish prediction continues to give some XRP enthusiasts reasons to remain bullish about the token as they theorize the potential price impact of such massive funds.

Gold vs Crypto Assets

Notably, according to data from Macrotrends, gold is $2,431.16 per ounce. As of November 2015, it was $1,405. At the same time, Bitcoin was worth $404 but has since grown by 14,912% to its current price above $60,800.

Similarly, XRP was worth $0.0042 in November but has since grown by 13,869% to its current value of above $0.5867.

Multiple industry commentators have predicted XRP to hit the $100 level, with some of these predictions spotlighting possible timelines for this target to hit.

Currently trading for $0.5866, XRP continues to face struggles on its path to rejuvenation. The crypto asset has failed to reclaim the $1 level since dropping below it in December 2021. Its closest attempt to this level came up last July, when it soared to $0.93. 

XRP to $100 Predictions

Despite XRP’s inability to recover $1, most market analysts have maintained confidence in its potential for growth. While some market watchers expect rallies to modest prices such as $5 to $6, others believe targets like $20 to $30 are also plausible.

Meanwhile, there is a camp of commentators that have continued to champion the narrative of an XRP uptrend to levels around $100, one of the most ambitious targets for XRP. For instance, the pundit behind the Common Sense Crypto account argued that XRP could hit $100 based on the evolving utility of the XRPL and the conclusion of the Ripple case.

In addition, the host of the XRP community-based media resource 24HrsCrypto shared similar sentiments last November. He called attention to Bitcoin’s (BTC) ability to spike from $0.01 at some point to the 2021 all-time high at $69K. According to him, if BTC is capable of achieving this despite not boasting as many features as XRP does, XRP can also reach $100.

Timelines for XRP to Hit $100

While the $100 target has taken the spotlight in recent times, some projections have gone the extra mile of setting out timelines for XRP to reach this target. Market commentator Andrew Forte provided one such prediction in March. He envisioned a future where Bitcoin hit $1 million, Ethereum clinched $20,000 and XRP reached $100 in 2037. 

Analyst BarriC also casually provided a timeline that XRP could follow on the journey to the $100 level. In a disclosure four months ago, the analyst asserted that the market presents multiple opportunities for investors to buy XRP at cheap prices. 

However, he believes these opportunities will continue to change over the years. While XRP below $0.80 is what many consider as a cheap price, BarriC expects XRP’s cheap price to be in the range of $1 to $3 by the end of the current bull run. According to him, a cheap price for XRP could be between $100 and $500 by 2032 to 2033.

Meanwhile, analysts at crypto exchange Changelly recently predicted that XRP could reach $100 by April 2040. However, the feasibility of these targets remain questionable. XRP would need to rally 16,961% from current prices to reach $100. Further, a $100 price for XRP would translate to a market cap above $5.6 trillion. 

Nick Valdez, an analyst at the popular Discover Crypto channel, has urged XRP holders to take profit from the recent price pump following the lawsuit victory.

Valdez shared this sentiment in a recent analysis after Ripple achieved a 94% reduction in the fine demanded by the SEC in the long-running lawsuit.

Following the announcement of Ripple’s victory, the price of XRP surged by over 30% to reach $0.64. However, Valdez cautioned XRP enthusiasts not to get over-excited and to consider taking profits in the short term.

Why Sell XRP Now on Pump: Historical Analysis

He expressed this view after analyzing XRP’s historical price actions following pivotal events that initially boosted its price. The analyst pointed out that after similar positive news in the past, XRP’s price often retraced to previous levels, nullifying the short-term gains.

Specifically, he referenced two major events in XRP’s history: the initial SEC lawsuit announcement in December 2020, which caused a significant drop, and a previous court victory that temporarily doubled the price.

Notably, XRP traded at around $0.24 ten weeks before the SEC launched the lawsuit against Ripple in December 2020. XRP later reached a high of $0.78 in November 2020. However, XRP plummeted to as low as $0.168 by the time the lawsuit emerged before stabilizing around $0.23 days later.

Essentially, Valdez stressed that despite the initial adverse reaction to the SEC lawsuit, XRP returned to its pre-lawsuit price within a few weeks as if nothing had happened.

In the second event, XRP triumphed in July 2023 when the court ruled that XRP itself is not a security. XRP doubled in price within 24 hours, rising from about $0.47 to $0.93. However, about a month after this victory, XRP had fallen back to $0.47.

Based on these patterns, Valdez warned that XRP could see a similar regression in the coming weeks, particularly as the SEC may still appeal the ruling. 

Where Will XRP Stabilize?

He suggested XRP’s price could stabilize between $0.40 and $0.50 by mid-September, advising holders to consider taking profits before this potential pullback. Interestingly, XRP is already losing its recent gains from the Ripple lawsuit victory, now trading at $0.5886.

Valdez concluded by stating that, while he remains long-term bullish on XRP due to its potential in the global financial system, short-term traders should be cautious. He predicted that XRP might face resistance around $0.93, making it a challenging level to surpass in this cycle.

Market analyst Dark Defender provides a bullish forecast for XRP, identifying critical price levels that could pave the way for a substantial rally. 

According to his analysis, XRP could be on the verge of a series of bullish waves that could see it reach as high as $36.76.  Dark Defender’s projection hinges on the reliable Elliott Wave Theory.

In the monthly chart, Dark Defender suggests that XRP is currently in the third wave of a five-wave structure. This third wave, traditionally the most powerful, could push XRP to key Fibonacci extension levels of $1.88, $5.85, $18.22, and finally, $36.76. 

These targets align with the Fibonacci extensions at 161.8%, 361.8%, and 423.6%, which are common measures of market momentum.

A critical aspect of this bullish forecast is the recent Dragonfly Doji candle formation in the monthly chart. This pattern, which features long lower shadow and lack of an upper shadow, typically signals a reversal in the downtrend, indicating that bulls are gaining control. 

The Doji formation suggests that XRP might have found a solid support level around $0.40, providing a launchpad for the next significant upward movement.

XRP MACD and Ichimoku Cloud 

Further bolstering this analysis is the position of the MACD indicator on the monthly chart, which has turned green. A green MACD indicates a bullish crossover, where the shorter moving average crosses above the longer moving average, signaling increasing upward momentum. 

In a long-term chart like the monthly one, this crossover is particularly significant, suggesting a sustained rally could be underway.

One of the most crucial levels to watch, according to Dark Defender, is $0.66. A break above this level could see XRP quickly testing $1.03, a mid-level target that also represents a significant resistance zone. 

$1.03 serves as both a psychological resistance and a key technical level above the Ichimoku Cloud. The market analyst suggests that staying above $1.03 would place XRP in an “extreme bullish zone,” potentially attracting more buyers and driving the price even higher.

Interestingly, Dark Defender points out that the recently-concluded legal battle involving Ripple has not significantly impacted the price. Instead, XRP’s price action appears to be driven more by its technical structure than by external factors. 

XRP’s Current Price Position and Short-Term Outlook

Currently, XRP trades for $0.5874, moving within the bounds of its Bollinger Bands. The Bollinger Bands are currently showing a tightening pattern, which often precedes a significant price movement. 

The current price is near the middle band, suggesting a balanced sentiment among traders, but the tightening bands indicate that this equilibrium may soon break, leading to either a sharp rally or a decline.

The RSI (Relative Strength Index) on the daily chart stands at 53.82, indicating that XRP is neutral. This neutral position supports the possibility of a breakout in either direction, although the broader monthly analysis leans heavily towards a bullish outcome.