Here’s an XRP price estimate that factors in its market cap potentially equaling that of Tesla:
The current market conditions have not been favorable for XRP lately, with the altcoin still trading below its peak of $3.31 reached six years ago. While other top assets like Bitcoin have recorded new all-time highs, XRP has struggled to follow suit. It recently reached a high of $1.96 but failed to capitalize on the broader market rally.
As the current bull market continues, some market participants believe that XRP may once again miss out on a significant rally. It has been unable to reclaim the $1 mark, let alone test its previous high. This has kept its market cap relatively low compared to other cryptocurrencies.
At one point, XRP was battling with Ethereum for the second spot in terms of largest crypto assets, but Ethereum has now secured that position with a market cap of $300 billion. XRP’s market cap currently sits at $28.6 billion, making it the seventh-largest cryptocurrency.
Despite these challenges, some experts suggest that XRP could be on the cusp of a comeback. Some commentators compare its potential resurgence to the market growth of Tesla. In fact, one market analyst asserted that selling XRP at the current price level is similar to selling Tesla stock when it was priced at $2.50.
Interestingly, a comparison from last August showed that despite its underperformance, XRP actually outperformed Tesla over a 10-year period. A $100 investment in XRP in August 2013 yielded $9,222 by August 2023, while Tesla yielded $2,189 within the same period.
However, Tesla’s overall growth has been extraordinary. Its stock currently trades at $200.64, with a market cap of $640.97 billion, significantly higher than XRP’s market cap.
If XRP were to capture Tesla’s market cap, its price would soar to $11.44 assuming the circulating supply remains constant at 55.99 billion. This would mark a 2,145% increase from the current price of $0.5094.
It’s important to note that this is purely a hypothetical scenario and is subject to numerous factors and market conditions.