If XRP were to achieve Ethereum’s (ETH) market capitalization, its price could potentially surge to a new all-time high of $7.42, representing a remarkable 11.8x increase. Despite XRP’s clear regulatory status, it has not met expectations during the current bullish trend. Concerns arose among investors in late July 2023 as XRP began to retrace its gains following a pivotal ruling on July 13, 2023.
By September 2023, XRP had completely retraced its gains, dropping from a high of $0.93. Despite the overall market uptrend that began in October 2023, XRP has not experienced a significant price increase, lagging behind other popular altcoins like Ethereum. Ethereum, which XRP had aimed to surpass as the second-largest cryptocurrency, now boasts a market capitalization well exceeding XRP’s. Ethereum’s market cap has soared to $406.64 billion, a 119% increase from $185.12 billion last October.
While XRP’s market cap has also grown in this period, its growth rate is lower compared to Ethereum’s. XRP currently holds a valuation of $34.23 billion, showing a 32% increase from the $26 billion market cap in October 2023.
Despite its underperformance, some market participants remain optimistic about XRP’s potential. Analysts have made bold predictions about XRP’s future price levels. EGRAG predicted that XRP could reach $27, citing historical data, while Reaper Financial CEO Patrick Riley expects XRP to surge to $22.
Analyzing data from Marketcapof.com, we found that XRP is currently trading at 0.08x below Ethereum in terms of market capitalization. To surpass Ethereum’s market cap, XRP’s valuation would need to increase by 11.88x, pushing its price to $7.42, assuming the circulating supply remains stable.
Industry experts have previously projected a $7 price target for XRP. Influencer Ben Armstrong and analyst Ben McClymans have both set $7 price targets for XRP, with the current price sitting at $0.6285. While a 1,013% price increase may face resistance along the way, analysts believe it is feasible for XRP to reach this target.
