XRP’s potential for a massive price surge to $54 is being predicted by market analysts if its market cap experiences a $3 trillion increase. The cryptocurrency market has undergone significant growth in recent years, and XRP has been no exception since its launch in 2012. In the 2017 bull market, XRP experienced a remarkable spike in price, going from $0.003 in January 2017 to an all-time high of $3.31 in January 2018.
This surge represented a staggering 110,233% increase within a year, showcasing the impressive growth rate of XRP. At its peak, XRP’s market cap exceeded $128 billion, securing its position as the second-largest cryptocurrency asset, just behind Bitcoin (BTC), according to data from TradingView.
However, when the broader market entered a correction phase in 2018 and transitioned into a bear market, XRP lost its standing as its market cap continued to decline. Despite the market’s recovery, XRP’s price failed to keep up with other prominent assets, underperforming in comparison. While Bitcoin and other cryptocurrencies reached new all-time highs during the 2021 bull run, XRP missed out on this opportunity.
As a result, XRP’s market cap growth has been stunted, causing it to fall to the seventh spot on the list of largest crypto assets, recently displaced by Solana (SOL) and USDC. Nonetheless, market analysts remain optimistic about XRP’s potential for a resurgence.
One significant factor contributing to this optimism is the impending resolution of the Ripple v. SEC legal battle, which many believe has been suppressing XRP’s price. With growing anticipation of a price uptrend, projections of a higher market cap have emerged.
EGRAG, a notable analyst, recently predicted that XRP’s market cap could reach $3 trillion. He presented an ascending channel pattern, referred to as “the White Channel,” that XRP’s market cap has been trading within since 2017. According to his analysis, the midpoint of the channel is around $100 billion, with the upper trendline positioned at $287 billion.
If XRP’s market cap surpasses the midpoint, it could potentially push towards $287 billion and break out of the White Channel. EGRAG sets an ambitious target of $3 trillion for XRP’s valuation, which is higher than the combined market cap of the entire cryptocurrency market today.
It is worth noting that if XRP’s market cap reaches this level, the token’s price would skyrocket to $54.1, assuming its circulating supply remains stable at 55.4 billion. This would represent a staggering 10,478% increase from its current price of $0.5237. While the chances of such a surge occurring remain slim, the crypto market is notorious for its surprises.
Disclaimer: This article provides informational content 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. The Crypto Basic is not liable for any financial losses incurred.
