If XRP captures Ethereum’s (ETH) market cap, its price could skyrocket to a new all-time high of $7.42, representing an impressive 11.8x rise.
Despite its unique legal clarity, XRP has not performed as expected during the current bull run. The concerns among market participants began in late July 2023 when XRP started correcting the gains it picked up following the pivotal July 13, 2023 ruling.
Notably, by September 2023, XRP had already retraced all its gains, collapsing from the $0.93 high. Despite the broader market’s uptrend, which started in October 2023, XRP has not recorded any substantial price run, trailing other notable altcoins, including Ethereum.
As a result, Ethereum, which XRP had aimed to overtake again as the second-largest crypto asset, has clinched a market capitalization far above XRP’s. At the valuation of $406.64 billion, Ethereum’s market cap has skyrocketed 119% from the $185.12 billion recorded last October.
However, while XRP’s market capitalization has also increased within this timeframe, its growth rate pales compared to Ethereum’s. XRP currently boasts a valuation of $34.23 billion, marking a 32% increase from the $26 billion market cap in October 2023.
XRP Price if It Captures Ethereum Market Cap
Despite the underperformance, some market participants remain confident in XRP’s potential. Interestingly, analysts have predicted that XRP will hit some lofty price positions. On March 19, top analyst EGRAG asserted that XRP could reach $27, citing historical data.
In addition, Reaper Financial CEO Patrick Riley revealed in an interview last December that he expects XRP to record a massive growth to $22. Amid these ambitious projections, we evaluated how much the XRP price needs to surge for the token to overtake Ethereum eventually.
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Leveraging an online resource, Marketcapof com, we discovered that XRP currently trades 0.08x under Ethereum in terms of market capitalization. As a result, XRP’s valuation would need to increase by as much as 11.88x in order to reach Ethereum’s market cap.
Supposing XRP’s circulating supply remains relatively stable, XRP’s price would need to rise to $7.42 for its market cap to reach the figure currently recorded by Ethereum.
Market watchers have previously forecasted XRP to hit the $7 price target. Prominent XRP influencer Ben Armstrong disclosed in January that believes XRP would certainly reach $7. Meanwhile, last month, analyst Ben McClymans set a $7 target for XRP during the bull run in 2025.
For XRP to reach the $7 target, its price would need to rally by 1,013% from the current figure of $0.6285. While this surge could face opposition at multiple junctures, analysts generally believe it is possible to attain.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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