A potential surge towards $3 could be in store for XRP if it mirrors Ethereum’s recent price movements, following Ether’s rise to meet VanEck’s lofty target of $22,000.
The current cryptocurrency trading landscape is characterized by notable fluctuations, with both Ethereum (ETH) and XRP witnessing significant downturns. Historically, Ethereum tends to move in tandem with Bitcoin (BTC), while XRP often mirrors the trajectory of both assets during market upticks and downtrends.
As Bitcoin dips beneath the psychologically pivotal $65,000 mark, Ethereum also falters below the $3,500 threshold. Likewise, XRP’s price hovers below the $0.50 support level. Given the synchronized movements during the market downturn, experts foresee potential parallel upticks across all three assets when a market recovery materializes.
VanEck Projects Ethereum to Reach $22,000
Numerous speculations and forecasts surround each cryptocurrency. Presently, Ethereum is valued at $3,435. Recently, VanEck, a distinguished asset management firm, issued an ambitious forecast proposing that Ethereum could surge to an impressive $22,000. This prediction comes hot on the heels of the U.S. SEC’s partial approval of spot Ethereum ETF filings, a development with transformative potential for the market.
VanEck’s optimistic outlook for Ethereum implies a possible resurgence and significant growth. Should Ethereum realize this envisioned value, it could have profound implications for the broader cryptocurrency domain, including XRP.
The impact of this projection was palpable when ETH experienced a remarkable 19% spike in a single day last month, fueled by mounting speculation surrounding an SEC approval for a spot ETH ETF. Notably, the price of XRP also surged, albeit with a more modest 5.51% intraday gain on May 20, eventually surpassing $0.55 the following day.
Potential XRP Price Trajectory Alongside Ethereum
Should Ethereum ascend from $3,435 to $22,000, as anticipated by VanEck, it represents an astonishing 540.60% surge. If XRP were to mirror a similar percentage growth, its price could witness a substantial upsurge. Applying this percentage increase to XRP’s current value of $0.4783 projects a potential climb to approximately $3.065.
Although this price point remains below XRP’s historical peak of $3.31 in January 2018, it signifies a significant juncture from which the digital asset could strive for greater heights. Market analysts further anticipate loftier price targets for XRP, with recent projections setting ambitious goals at $49 and $36.
Please note that this content is intended for informational purposes only and should not be construed as financial advice. The opinions expressed herein are those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic is not liable for any financial losses incurred.