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Here’s XRP Price If It Reclaims Its Ratio of Bitcoin Market Cap
As the cryptocurrency market continues to fluctuate, Ripple’s native token, XRP, has been making waves. Initially, its valuation stood at $33 billion while Bitcoin had a staggering market cap of $838 billion. Fast forward to today, and XRP’s valuation now sits at $132 billion, a significant increase from its initial valuation. Meanwhile, the market capitalization of Bitcoin has ballooned to $1.93 trillion.
Currently, XRP captures around 6.8% of Bitcoin’s market cap, which is still a long way off from its earlier ratio in 2018 when it captured 49.4%. Nonetheless, some market experts believe that XRP’s price will continue to surge, especially as the ongoing correction ends.
The implications of XRP reclaiming its previous ratio would be monumental for prices. To put this into perspective, a Bitcoin valuation of $1.93 trillion means that the 49.4% ratio would translate to a massive market cap of $953 billion. This would result in a substantial price hike, with XRP’s value rising to approximately $16.6, considering its circulating supply of 57.25 billion tokens. A price increase of this magnitude would be astronomical, representing a whopping 621% gain from the current XRP price.
It is worth noting that some market experts, such as EGRAG, had previously projected a price target for XRP at $16.
Source: thecryptobasic.com
