XRP’s price has the potential to skyrocket by a staggering 2,893% and reach a new all-time high value if its market cap hits the $1 trillion mark. The cryptocurrency market has experienced tremendous growth since the introduction of Bitcoin in January 2009, thanks to the continuous rise in the value of Bitcoin and other cryptocurrencies over the years.
However, while some assets reached new heights during the previous bull market, altcoins like XRP faced limited growth. In January 2018, XRP’s market cap reached an impressive $119.82 billion, coinciding with its all-time high price of $3.31. But during the 2021 bull run, XRP struggled to surpass this valuation, with its market cap peaking at $73.35 billion in April 2021 when its price encountered resistance at $1.96. Even during the peak of the 2021 bull run from October to November, XRP failed to exceed a $60 billion valuation.
Many market analysts attribute this underperformance to the Securities and Exchange Commission’s lawsuit against Ripple, which was filed in December 2020. However, with XRP now declared a non-security and the lawsuit nearing its conclusion, industry commentators anticipate that XRP’s market cap will finally reach new heights in the current bull season.
Earlier this year, Chase, the host of the Bitcoin Express YouTube channel, discussed the possibility of XRP achieving Bitcoin’s $1 trillion market cap. At that time, Bitcoin had a market valuation of $1.02 trillion. Chase aimed to debunk predictions that XRP’s price could reach $100, $589, or even $1,000.
However, while Chase believes these predictions are unrealistic, he suggests that XRP reaching a $1 trillion market cap is possible. This would require the cryptocurrency to experience explosive growth during the ongoing bull run.
Currently, XRP has a circulating supply of 55.96 billion tokens and an inflation rate of 200 million per month. If XRP’s market cap were to grow to $1 trillion, its price would rise to $17.86, marking a staggering 2,893% increase from its current price of $0.5966.
Several crypto trading experts have predicted that XRP could surge to the $17 price level. Last month, market expert TradingShot asserted that XRP is still alive and projected a price spike above $17. Additionally, analyst EGRAG predicted earlier this month that XRP is on the verge of a run to $17.
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 solely the author’s opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.