While legal clarity has provided XRP with a solid foundation, its price performance has not met the community’s expectations. Despite a brief pump following the court ruling in July 2023 establishing its non-security status, the digital asset underperformed during the Q4 2023 market surge, lagging behind top assets such as Bitcoin and Ethereum.
This underperformance has carried on into 2024, with prominent XRP community members calling out Ripple and its executives to showcase their displeasure with the lingering underperformance.
Read Also: As FOMO Is About to Hit Hard at $2, Analyst Predicts 6,425% XRP Rocket Surge to $40
Despite this underperformance, ambitious price targets like $50 and $500 persist. Analysts like EGRAG CRYPTO (@egragcrypto) and crypto educator Jason (@ACOBJason) have projected such figures.
In December, Jason stated, “XRP hitting $50 is not a fantasy, but a fact.” He believes XRP is undervalued, expecting a surge for the digital asset soon. Shortly before Jason’s prediction, EGRAG CRYPTO predicted a surge to $10 By April 2024 and another surge, with XRP finally reaching $50 in December 2024.
Achieving this $50 target necessitates a significant market capitalization shift. As highlighted by CryptoBanker (@CryptoBankerSHX), a popular crypto YouTuber, reaching $50 would require a nearly 10,000% increase from XRP’s current price, pushing its market cap to a staggering $2.72 trillion.
XRP’s market cap currently sits at roughly $29.6 billion, a significant drop from its 2018 peak of over $120 billion. Surging to $50 will place XRP’s market cap well above the current market cap of the entire crypto market.
Interestingly, CryptoBanker’s analysis focused on more than XRP. He explored the potential impact on the Stronghold Token (SHX), considering its connection to the XRP Ledger. If SHX captured just 1% of XRP’s hypothetical $2.72 trillion market cap, it would reach a valuation of $27 billion.
For the most unrealistic price level, the analyst wrote “If XRP 1,000X´s to $27 Trillion MC, and $SHX has 1% of that MC at $270BN. Then $XRP will be at $500, and $SHX will be at $50.4.”
Read Also: Analyst Says Cardano (ADA) Price Could Surge 10,689% in the Long Term. Here’s the Catalyst
It’s crucial to acknowledge the immense challenges associated with XRP reaching $500. Such a dramatic price increase would require widespread adoption and utility beyond its current use cases. While the XRP Ledger boasts fast and low-cost transactions, achieving mainstream adoption necessitates overcoming regulatory hurdles and competition from other established players.
Furthermore, the broader market sentiment and overall cryptocurrency performance would significantly influence XRP’s trajectory. A sustained bull run across the industry could create favorable conditions, but unforeseen events or negative market trends could hinder progress.
Although some see this massive market cap as a potential hurdle for XRP’s growth, a respected member of the SHIB community recently showed why this will not be a limiting factor in the cryptocurrency’s growth. Investors, enthusiasts, and analysts are all bullish on XRP, and it could soon take over the market.
Follow us on Twitter, Facebook, Telegram, and Google News
Crypto investors are targeting FXGuys ($FXG), a DeFi prop trading company, after data shows that…
Valletta, Malta, 18th November 2024, Chainwire
Based on a recent Binance Research analysis, meme coins might be a far riskier investment…
Dr. Artur Kirjakulov, a prominent voice in the crypto community, has raised concerns about Bitstamp's…
In today’s rapidly evolving crypto landscape, many investors are looking for ways to grow their…
As the year winds down, excitement is building around low-cost cryptocurrencies that could offer substantial…