XRP’s price has the potential to surge to $54 if its market cap experiences a significant increase of $3 trillion, as projected by certain market analysts. The cryptocurrency market has been evolving, with assets experiencing impressive growth over the years. XRP has also witnessed this growth since its launch in 2012. During the 2017 bull market, the price of XRP spiked from $0.003 in January 2017 to an all-time high of $3.31 in January 2018.
This surge represented a remarkable 110,233% increase within a year, highlighting the rapid growth rate of XRP. At its peak price, XRP’s market cap surpassed $128 billion, making it the second-largest cryptocurrency asset after Bitcoin (BTC), according to data from TradingView.
However, as the broader market experienced a correction in 2018 and entered a bear market, XRP lost its position and its market cap continued to decline. While the market recovered and other notable assets performed well, XRP struggled to catch up. Bitcoin and the rest of the market reached new all-time highs during the 2021 bull run, but XRP missed out.
As a result, XRP’s market cap remained stagnant while other assets achieved new levels, causing it to drop to seventh place on the list of largest crypto assets, recently displaced by Solana (SOL) and USDC. Nonetheless, market analysts believe that XRP is poised for a resurgence.
One key factor contributing to this anticipated uptrend is the impending end of the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), which many believe has been suppressing XRP’s price. With growing anticipation, projections of a higher market cap for XRP have emerged.
A notable analyst, EGRAG, has recently predicted that XRP’s market cap could reach $3 trillion. He presented an ascending channel pattern, known as “the White Channel,” within which XRP’s market cap has been trading since 2017. According to EGRAG, the midpoint of this channel is at the $100 billion mark, with the upper trendline positioned at $287 billion.
If XRP’s market cap manages to breach the midpoint, it could potentially surge towards $287 billion, surpassing the boundaries of the White Channel. EGRAG has set an ultimate target of $3 trillion for XRP’s valuation, which is higher than the combined market cap of the entire cryptocurrency market today.
Notably, if XRP’s market cap reaches this level, its price would skyrocket to $54.1, assuming its circulating supply remains stable at 55.4 billion. This value represents a staggering 10,478% increase from XRP’s current price of $0.5237. While the chances of such a surge are slim, the cryptocurrency market is known for its surprises.
It is important to note that this article is 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 strongly advised to conduct thorough research before making any investment decisions, and The Crypto Basic holds no responsibility for any financial losses incurred.