Over the years, XRP has gained traction as a top crypto with lethargic price growth. While most crypto analysts seem to project bullish potential for the token, its market readings continue to portray the opposite, leaving many XRP enthusiasts perplexed and frustrated.
Amid the pool of uncertainties, most XRP holders would likely not sell off their holdings at a loss – a situation peculiar to most coin holders when their assets are underperforming.
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XRP’s Market Activities
According to XRP’s market statistics on Coincodex, the crypto asset is trading at approximately $0.53, having registered a 3.21% upswing in the past 24 hours. XRP is currently the seventh largest crypto asset with a $ 29.57 billion market capitalization and a diluted market cap of $ 53.46 billion.
Other relevant statistics revealed XRP volatility to be medium at 2.38%, and supply inflation was high at 10%. Sentiment was pegged at neutral, while the “Fear and Greed Index” indicated extreme greed.
XRP’s market actions have negatively impacted the coin’s overall outlook, starting from around late last year when most crypto assets were appreciating, resulting in XRP’s displacement by Solana (SOL) and USDC from the top five crypto rankings to its present position.
Aside from losing its spot among the top five best-performing cryptocurrencies, XRP was outperformed by 76% of the top 100 crypto assets with remarkable market trends in the previous year, compounding the coin’s precarious condition amid hypes of a potential bullish future.
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XRP Price At Current Bitcoin Market Cap
While numerous XRP price predictions have graced the crypto space, a good percentage of the price targets have appeared quite ridiculous, considering several factors, especially the token’s market capitalization at such price projections.
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An example of such wishful predictions could be seen in one of our previous news articles, where a market expert projected a $589 price target for XRP. Notably, XRP at $589, coupled with its circulating supply of about 55.3 billion, would result in a market capitalization of 32.6 trillion for only XRP.
Meanwhile, the entire cryptocurrency market cap is valued at $2.74 trillion, with Bitcoin (BTC) contributing more than half at roughly $1.4 trillion.
Having established the above facts, it becomes safe to say that XRP’s most bullish scenario based on present market status would be when it assumes BTC’s position in the market, which is also incredible in a realistic application. However, considering XRP’s circulating supply, the coin would be valued at approximately $25.3 at BTC’s market cap.
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