The price of 1 XRP could explode by more than 759% if XRP’s market cap reached the $350 billion mark.
XRP has been one of the biggest beneficiaries of the ongoing market upsurge as Bitcoin broke $90,000. Amid the prevalent market push, XRP recently reclaimed the $1 price mark.
XRP Joins Market Rally
This rally allowed XRP to cross the $60.9 billion market cap, its highest valuation since July 2021. As the upsurge persists, discussions around a price increase to lofty targets have resurfaced. For instance, earlier this month, market analyst EGRAG suggested that XRP could hit $17, leveraging a “bent fork” formation.
Another market watcher, Steph, charged investors to procure XRP tokens before the altcoin claims a new peak of $14. While targets of a $4 price or a $6 value are logically attainable, some have doubted the feasibility of higher goals such as $14 and $17.
These skeptics point to the market cap that could result from such ambitious targets. For the valuations from these audacious goals to materialize, the XRP market would need to welcome a substantial amount of capital.
XRP Price at a $350B Market Cap
Throughout its decade-old journey, XRP has not clinched the coveted $100 billion valuation mark. The altcoin’s peak market cap was $95.5 billion, attained when its price spiked to an all-time high of $3.3 in January 2018. XRP has since dropped from this mark, struggling to maintain the $30 region this year.
However, we recently assessed how much XRP would need to rally to claim a $350 billion market cap, roughly the size of Ethereum’s valuation before the latest uptrend. Such a market cap would mark a new territory for XRP, possibly buoyed by a flood of new capital.
Currently, XRP has a circulating supply of 56.8 billion tokens, a jump from previous figures due to the periodic escrow releases from Ripple’s accounts. At the current circulating supply, the value of 1 XRP would need to rise by 759% to $6.15 for XRP to claim a $350 billion market cap.
Both the $6 price mark and the $350 billion valuation are within reach for XRP. Some factors that could catalyze a run to these levels include the forthcoming XRP ETFs and launch of Ripple Stable coin (RLUSD) on XRP ledger.
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.
