Ethereum
Here’s the Price XRP Needs to Hit to Topple Ethereum
XRP is expected to surge 1,223% to eventually make Ethereum the second-largest cryptocurrency in the market.
The XRP community continued to lament the Underperformance seen with XRP over the past few years. This persistent underperformance since March 2020 has created a massive market cap gap between XRP and Ethereum, two assets that have continually vied for second place in the early days.
XRP’s Battle for Second Place
Before Ethereum launched in July 2015, XRP was battling with Litecoin for second place on the list of largest assets by market cap. After Ethereum launched, XRP overtook Litecoin, but instead started a new battle with ETH. Ethereum took the upper hand until January 2018, when XRP reached its ATH of $3.3.
However, amid the correction from this peak, XRP has fallen back below the second place. Market data confirms that since March 2020, Ethereum (red) has outperformed XRP (blue) by a mile. This has led to ETH’s market cap skyrocketing to the one-hundred-billionth mark, while XRP Valuation remains below $40 billion.
Currently, Ethereum has a market cap of $377.2 billion, while XRP’s market cap currently stands at $28.58 billion. XRP has now fallen below the top 5 assets by market cap, with its current position being seventh. Despite the bearish reality, some market observers are predicting an imminent rally. Some of the expected targets could help XRP reclaim the second spot.
How much does XRP need to rise to topple Ethereum?
Amid these predictions, we recently assessed how much recovery XRP needs to make to reclaim its position as the second-largest cryptocurrency. To put things in context, XRP needs to surpass Ethereum’s valuation of $377.2 billion to achieve this feat. This would mark a new all-time high valuation for the asset.
Assuming that XRP’s circulating supply remains relatively constant at 55.805 billion, the token would need to reach a price of $6.76 to claim a market cap of $377.2 billion. With XRP currently trading at $0.5112, a massive 1,223% surge is needed to reach the $6.76 price level.
It is worth noting that the $6 territory is one of the multiple targets set by market analysts. Interestingly, this $6 price level represents the lower limit of these projections. Last month, crypto analyst EGRAG suggested that XRP could reach a minimum target of $6.4. Its chart indicated that this target level aligned with the 1.618 Fibonacci retracement point.
Additionally, Mikybull, a Bitcoin analyst, disclosed in April that he expects XRP to hit the $6 level soon. DustyBC, another analyst, predicts rally to $6 during the bullish period. Last October, market observer Cryptobilbuwoo made a similar projectionMeanwhile, XRP is currently among the biggest gainers over the past 24 hours, having climbed 10.45%.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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