XRP’s price could surpass $3 if it follows the same trajectory as Ethereum, which is predicted to reach VanEck’s $22,000 target.
The current cryptocurrency market is experiencing notable volatility, with significant declines observed in both Ethereum (ETH) and XRP. Typically, Ethereum’s price movement is closely aligned with Bitcoin (BTC), and XRP often mirrors the trends of both assets during periods of market fluctuation.
With Bitcoin trading below the critical $65,000 mark, Ethereum has similarly fallen below $3,500. Likewise, XRP’s price is struggling to maintain its position above the $0.50 support level. Given this interconnectedness during market downturns, experts anticipate that all three assets will see comparable gains during a recovery.
VanEck Predicts Ethereum to Hit $22,000
Price projections and speculations have been rampant for each token. Currently, Ethereum is valued at $3,435. Earlier this month, VanEck, a leading asset manager, boldly predicted that Ethereum could skyrocket to $22,000. This projection follows the recent partial approval by the U.S. SEC of spot Ethereum ETF filings, which could significantly influence the market.
VanEck’s optimistic forecast for Ethereum suggests a potential rebound and substantial growth. Should Ethereum reach this predicted value, it could profoundly impact the broader cryptocurrency market, including XRP.
Such an effect was evident when ETH surged by 19% in one day last month amid growing speculation of the SEC’s spot ETH ETF approval. During this period, XRP also saw an increase, achieving a 5.51% gain on May 20 and surpassing $0.55 the following day.
XRP’s Potential If It Mimics Ethereum’s Growth
If Ethereum ascends from $3,435 to $22,000 as predicted by VanEck, this would mark an extraordinary 540.60% increase. Should XRP experience a similar percentage growth, its price could rise significantly. Applying this percentage to XRP’s current price of $0.4783, XRP could potentially reach approximately $3.065.
While this price remains below XRP’s all-time high of $3.31 from January 2018, it represents a substantial level from which the asset could aim for greater heights. Additionally, market analysts have set even more ambitious targets for XRP, with the latest projections suggesting goals of $49 and $36.
Disclaimer: This content is for informational purposes only and should not be taken as financial advice. The views expressed in this article may include personal opinions of the author and do not reflect The Crypto Basic’s stance. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses.
