The price of XRP could potentially reach a two-digit figure if the broader cryptocurrency market experiences a rally that causes the price of Shiba Inu to increase by 10,000%. Despite being in different market segments, the price movements of XRP and Shiba Inu often align with the direction of the overall crypto market, mainly because of their correlation with Bitcoin’s price movements.
While both Shiba Inu and XRP have generally moved in similar directions throughout the year, the rate of their price movements has varied significantly. This trend is observed among the top 20 crypto assets. SHIB, being a meme coin, tends to experience higher volatility, leading to steeper declines and greater upsurge compared to the relative stability of XRP, which is an asset in the payments segment. According to data from Sentiment, SHIB currently has a 4-week volatility of 0.14, while XRP’s volatility sits at 0.054.
As Shiba Inu and XRP continue to move in the same direction for most of the year, any bullish market projections for one of them could potentially result in similar price movements for the other, although to varying degrees. Despite recent struggles, Shiba Inu’s price has stabilized around the $0.000017 region. Market analyst Ava Monaro presented SHIB as one of the assets that could potentially experience 10,000% or 100x gains shortly after the approval of Ethereum ETFs in July, when SHIB was trading at $0.000016.
Before Shiba Inu can achieve a substantial rally of 10,000%, the broader market must already be in a bull phase. XRP could also benefit from this bull run and record its own unique gains. However, due to its limited volatility, XRP is likely to experience lower gains compared to SHIB. If XRP were to observe only 40% of SHIB’s proposed 10,000% increase, the altcoin would still surge by an impressive 4,000%. With XRP currently priced at $0.5304, a 4,000% rally would push its price to $21.7, reaching a two-digit figure and setting a new all-time high. With a circulating supply of 56 billion tokens, a price of $21.7 would give XRP a market cap of $1.215 trillion, surpassing Bitcoin’s current valuation.
Interestingly, several analysts have also projected a possible rise in XRP’s price to the $20 region. In May, Javon Marks suggested that XRP’s bullish breakout could push prices towards $15 to $20. Earlier this month, another market commentator, ModernInvest, stated that it would be unusual for XRP not to reach $20 in this bull run.
It is important to note that this content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author 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 responsible for any financial losses that may occur.