Famous market commentators insist XRP could soar to an ambitious double-digit figure, achieving a $1.25 trillion market cap to potentially surpass Ethereum.
XRP, along with the broader crypto market, is experiencing a mild pullback after Bitcoin engineered a four-day streak of green candles. While XRP has lost 1.2% of its value today, Bitcoin is seeing only a 0.16% dip, still holding firm above $72,300 at press time.
Notably, the recent correction has worsened XRP’s 30-day performance, now down over 18%, while Bitcoin remains up by 14%.
This discrepancy is due to XRP failing to benefit from Bitcoin’s upswing this week. Specifically, XRP reached only $0.5303 earlier this week, which is below its previous weekly highs despite Bitcoin reaching $73,500. Meanwhile, XRP has since dipped to $0.5187.
While XRP’s ongoing performance continues to underwhelm holders, analysts maintain that a trillion-dollar market cap is attainable for XRP this season. Oscar Ramos, a widely followed community commentator, recently expressed this sentiment.
XRP to $22 “is Achievable”
Ramos asserted that XRP will reach $22 per token in this cycle. This price point would elevate XRP’s market cap from around $30 billion to $1.25 trillion. Moreover, at $22, XRP’s fully diluted cap would be about $2.2 trillion, far exceeding Bitcoin’s current cap of $1.43 trillion.
Ramos’s conviction in this ambitious outlook for XRP aligns with Ben Armstrong, known as “BitBoy,” who declared last week that XRP would overtake Ethereum as Bitcoin’s main challenger.
BitBoy argued that XRP could achieve this feat at a $22 price, suggesting that Ethereum’s market cap will decline rather than grow as this bull market progresses.
Factors Influencing This Ambition
Both Ramos and BitBoy are banking on Ripple, a firm leveraging XRP for payments, as well as developments like exchange-traded funds (ETFs) and the introduction of RLUSD on XRP’s blockchain.
Notably, ETPs related to XRP already exist. However, XRP proponents anticipate spot XRP ETFs, which they hope will generate massive demand for XRP, similar to what has been observed with U.S. Bitcoin ETFs, which have purchased over one million units of BTC worth more than $73 billion this year alone.
XRP’s Path to $22
However, XRP’s journey to $22 is formidable, and its price actions over the past few years have not supported this likelihood. Specifically, XRP would need to grow by 4,147% from $0.5180 to reach $22. This year, XRP has already declined by 15%. Also, from its all-time high, it is down over 83%.
Analysts advocating for higher targets for XRP reference its seven-year history, during which it staged violent pumps to an all-time high. However, other analysts who remain optimistic about XRP have noted that this seven-year history may no longer hold relevance.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
