Pundit Predicts XRP Price of $22 with $1 Trillion Market Cap, Agrees with BitBoy on XRP Flipping Ethereum
XRP, like the rest of the cryptocurrency market, is currently experiencing a slight downturn following Bitcoin’s impressive four-day streak of green candles. While XRP has seen a 1.2% drop in value today, Bitcoin is only down 0.16%, comfortably staying above $72,300 at the moment.
It’s worth noting that this recent correction has worsened XRP’s performance over the past 30 days, with a decline of over 18%, whereas Bitcoin has remained up by 14%.
This disparity can be attributed to XRP’s failure to benefit from Bitcoin’s recent surge. Even though Bitcoin reached $73,500, XRP only managed to reach $0.5303 earlier this week, falling short of its previous weekly highs. Currently, XRP has dipped further to $0.5187.
Despite these underwhelming performances, analysts still believe that XRP can achieve a market cap of $1 trillion this season. Oscar Ramos, a respected commentator in the cryptocurrency community, recently expressed this sentiment, asserting that XRP will reach a price of $22 per token in this cycle. This target price would elevate XRP’s market cap from around $30 billion to an enormous $1.25 trillion. In fact, at $22, XRP’s fully diluted cap would even exceed Bitcoin’s current market cap of $1.43 trillion.
Ramos’s confident outlook for XRP aligns with the views of Ben Armstrong, also known as “BitBoy,” who claimed last week that XRP will overtake Ethereum as Bitcoin’s primary competitor. BitBoy argued that this could be achieved once XRP reaches $22, suggesting that Ethereum’s market cap will decline rather than grow as the bull market progresses.
Both Ramos and BitBoy base their beliefs on factors such as Ripple’s use of XRP for payments and the potential introduction of exchange-traded funds (ETFs) and RLUSD on XRP’s blockchain. While there are already existing XRP-related exchange-traded products (ETPs), XRP proponents are eagerly anticipating the launch of spot XRP ETFs. They hope these ETFs will generate significant demand for XRP, similar to what U.S. Bitcoin ETFs have done, purchasing over one million BTC units worth more than $73 billion this year alone.
However, it’s important to acknowledge that XRP’s path to $22 won’t be easy, considering its price history over the past few years. XRP would need to grow by a staggering 4,147% from its current value of $0.5180 to reach $22. Moreover, this year alone, XRP has already experienced a 15% decline, and from its all-time high, it has plummeted by over 83%.
Analysts advocating for higher XRP targets often reference its seven-year history, during which it has witnessed dramatic pumps leading to its all-time high. However, several optimistic analysts have also noted that this historical performance may no longer hold the same relevance.
In conclusion, while achieving a $22 price for XRP with a market cap of $1 trillion is an ambitious goal, some industry experts remain confident in this outcome. The success of XRP ultimately depends on various factors, including its utility, market demand, and the realization of key developments like ETFs and RLUSD on its blockchain.