If Bitcoin were to reach the anticipated value of $1 million, XRP could potentially enter uncharted territory in terms of price. Currently, XRP has been stagnant, hovering just below the $0.50 mark for several days. Presently, it is trading at $0.486, reflecting a modest loss of 1.08% in the last 24 hours. However, over the past month, XRP has experienced a more significant decline of 8.35%.
This lackluster performance is consistent with its year-over-year trend, as XRP has seen a loss of 4.66% since 2023. Nevertheless, there is hope that XRP will benefit from a thriving crypto market where Bitcoin, the leading asset, reaches a price of $1 million.
According to analysts at the billion-dollar asset manager Bernstein, Bitcoin has the potential to reach this ambitious threshold within the next nine years. Former Twitter CEO Jack Dorsey has even suggested a more audacious timeline, predicting a $1 million Bitcoin price within the next six years.
If Bitcoin were to reach $1 million, it would command a market cap of $20 trillion, considering its typical dominance of around 50%. This implies that the overall cryptocurrency market, including altcoins like XRP, could reach a combined market cap of $20 trillion.
Consequently, XRP stands to benefit significantly from Bitcoin’s surge to $1 million. This leads to the question of what XRP’s value might be in such a scenario.
To reach $1 million, Bitcoin would need to increase by 1,456% from its current value of $64,246. If XRP experiences a similar percentage growth from its current price of $0.486, it could potentially reach $7.56. However, it is worth noting that altcoins often outperform Bitcoin, suggesting that XRP could exceed this projected growth if Bitcoin follows a similar trajectory.
Some prominent analysts in the crypto community argue that it may not take more than six years for XRP to reach $7.56. Optimistic voices, such as analyst EGRAG and crypto founder Nick, predict that XRP could surpass $10 by next year. There are even speculations that XRP may reach between $200 and $500 by 2030, although critics dismiss these projections as overly optimistic.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are the author’s own and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.