XRP Could Reach Two-Digit Figure if Shiba Inu Price Surges by 10,000%
If the broader cryptocurrency market experiences a rally that drives up the price of Shiba Inu by 10,000%, XRP might reach a two-digit figure. Although XRP and Shiba Inu operate in different market segments, their price movements often align with the overall direction of the crypto market, which is strongly influenced by Bitcoin’s price movements.
Throughout this year, both Shiba Inu and XRP have generally moved in similar directions, following a trend observed among the top 20 crypto assets. However, the rate of their price movements has varied significantly. This is mainly due to the higher volatility of SHIB, which is a meme coin, compared to the relative stability of XRP, which is a payments asset. According to data from Sentiment, SHIB currently has a 4-week volatility of 0.14, while XRP’s volatility sits at 0.054.
As Shiba Inu and XRP continue to move in the same direction, a bullish market projection for one of them could potentially result in similar price movements for the other, although to different extents. Despite recent struggles, Shiba Inu’s price has stabilized around the $0.000017 region. Market analyst Ava Monaro previously identified SHIB as one of the assets that could see gains of 10,000% or 100x following the approval of Ethereum ETFs in July, when SHIB was trading at $0.000016.
For XRP to experience a price increase of 10,000% like Shiba Inu, the broader market would need to enter a bull phase. XRP could leverage this bull run to achieve its own unique gains. However, due to its limited volatility, XRP is likely to see lower gains compared to SHIB. If XRP were to observe only 40% of SHIB’s proposed 10,000% increase, the altcoin would still surge by an impressive 4,000%.
Currently priced at $0.5304, a 4,000% rally would push XRP’s price to $21.7, reaching a two-digit figure and setting a new all-time high. With a circulating supply of 56 billion tokens, a price of $21.7 would result in a market cap of $1.215 trillion, surpassing Bitcoin’s current valuation.
Interestingly, several analysts have also predicted a potential rise in XRP’s price to the $20 range. In May, Javon Marks suggested that XRP’s bullish breakout could drive prices towards $15 to $20. Earlier this month, another market commentator, ModernInvest, stated that it would be surprising if XRP failed to reach $20 during this bull run.
Please note that this content is provided for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.