If XRP's price reaches the market capitalization of Bitcoin (BTC), the largest cryptocurrency by market valuation, the price could soar to a double-digit $23.
The broader cryptocurrency market downturn has affected XRP more severely than most other crypto assets. In particular, this effect is observed amid persistent price suppression that prevents XRP from surging similar to other tokens during market uptrends.
XRP turbulence affects market capitalization
Specifically, XRP has only gained 1.48% since the first phase of the ongoing bull market began in October 2023. Meanwhile, Bitcoin is up 148%, while Ethereum (ETH) and Solana (SOL) are up 87% and 733%, respectively. % within the same period.
XRP's poor performance will directly impact its market capitalization, resulting in displacement It was ranked in Solana's top 10 ranking last December. Solana is currently valued at $78 billion, making it the fifth-largest asset by market capitalization. However, XRP has a market capitalization of $29 billion, ranking it in 7th place, just below USDC.
Despite XRP's unfavorable performance, several market analysts expect XRP to perform favorably as the bull market progresses. Most of these analysts cite historical context for their predictions, after XRP showed a similar lackluster move at the start of the 2017 bull market, eventually ending. Rapid rise An increase of over 48,823%.
Nevertheless, some of the XRP price predictions by analysts were quickly dismissed as wishful thinking by industry commentators.For example, some claim XRP could reach $10,000. In addition, analyst EGRAG recently said, predicted Citing historical background, XRP fixes the price at $33.
Price if XRP reaches Bitcoin market cap
The counterargument to most of these predictions is the market cap if XRP reaches those predictions. If the price of XRP were $10,000, the market capitalization would be $550 trillion, which would make it by far the largest asset in the world. There are not enough funds to support this market valuation.
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As a result, we assessed how far the price of XRP could realistically skyrocket if it captures the market capitalization that has already proven possible in the cryptocurrency industry. Because Bitcoin is the largest crypto asset, its valuation represents the highest achievable value of any cryptocurrency, currently at $1.32 trillion.
At the moment, Bitcoin's market capitalization exceeds XRP by 45.56 times. According to the data, if XRP achieves this $1.32 trillion market valuation, the price per unit will skyrocket to $23.91, a double-digit number and a 622% increase from the current high of $3.31. It has been confirmed that
Multiple analysts claim that this price is completely feasible for XRP. EGRAG in March Satisfied XRP could soar to $27. Last year, market analyst Permable predicted that XRP would reach $23.8 by June. However, this prediction did not come true. XRP is currently trading at $0.5243, up 0.7% in the past 24 hours.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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