XRP Price Could Reach a Three-Digit Figure If the Crypto Market Maintains Its Current Dynamics

Despite the ongoing market-wide uncertainty, crypto investors have maintained optimism in their respective assets, including XRP, as confidence builds.

Crypto prices have been on a tear in 2023, and with broader market uncertainty, investors have sought refuge in their respective assets as confidence builds.

One of the primary reasons behind this confidence is the slew of bullish predictions made about the global crypto market.

Recently, Blockstream CEO Adam Back suggested that Bitcoin (BTC) could claim a massive $200 trillion market cap. According to the CEO, this growth could be triggered by the activities of Michael Saylor’s Strategy and other firms focused on accumulating Bitcoin.

Indeed, over the past years, public and private companies have procured 1,119 million Bitcoin, amounting to 5.33% of Bitcoin’s total supply. These tokens are valued at $105 billion in the press time. Of this sum, Strategy holds the largest share, with its balance of 553,555 BTC at $52.26 billion.

According to Back, this increasing accumulation trend could lead to what he calls hyperbitcoinization, contributing to a massive surge in its price and market cap.

However, if Bitcoin were to reach the projected $200 trillion market cap—a 10,595% increase from its current valuation of $1.87 trillion—altcoins like XRP would also benefit significantly.

This is due to the close correlation in price movements between Bitcoin and altcoins like XRP.

Specifically, data from CoinMarketCap reveals that XRP and Bitcoin have been trading in the same direction over the past month, despite a slight divergence in their price actions earlier this year.

If this pattern persists and the overall crypto market maintains its current momentum, XRP price could soar accordingly as Bitcoin claims the $200 trillion market cap.

Specifically, if Bitcoin sustains its present market dominance of 64.73% when it hits a $200 trillion market, the broader crypto market cap would stand at $309.02 trillion.

At this rate, other assets like XRP would need to maintain their respective market dominance positions or see an increase to realize corresponding gains. Currently, XRP boasts a market dominance of 4.35%. Should it sustain this position when the broader market reaches $309.02 trillion, its market cap will skyrocket to $13.44 trillion.

Now, considering the current circulating supply of 58.5 billion XRP, a $13.44 trillion market cap would translate to an XRP price of $229 per token. This would denote an increase of 10,534% from the current XRP price of $2.45, aligning with the rise in Bitcoin’s market valuation.

While this price may appear overly ambitious for XRP in the near term, some market analysts believe the asset could attain it in the years to come. For instance, Telegaon analysts predict that XRP price will cross the $200 mark by 2050, with a maximum price prediction of $285.5 for the altcoin.

Changelly, on the other hand, is more optimistic, forecasting XRP to hit $229.65 to $272.51 in January 2040.

However, with XRP’s current supply of 57.3 billion in circulation and a total supply of 100 billion tokens, XRP would require a $5.73T market cap to reach $100, an amount that is far beyond today’s total crypto market. Hitting $300 or $500 would rival gold’s value, rendering such price points highly unrealistic in the foreseeable future.