- Legal uncertainties have dampened XRP’s performance despite a bullish crypto market environment.
- Ethereum’s market cap growth substantially overshadows XRP’s, highlighting the latter’s underachievement.
- Predictions suggest XRP’s potential to attain lofty price targets, fueled by analyst optimism.
XRP, despite its clear legal stance, has struggled to live up to expectations in the recent bull market. Concerns surfaced in late July 2023 when XRP began to lose the gains it had acquired after a crucial ruling on July 13, 2023.
By September 2023, XRP had given up all its progress, plummeting from a high of $0.93. Even as the broader market trended upwards starting in October 2023, XRP failed to make significant price moves, lagging behind other significant altcoins, including Ethereum.
This performance gap has widened between XRP and Ethereum, with the latter solidifying its position as the second-largest cryptocurrency by market capitalization. Ethereum’s market cap experienced a meteoric rise of 119%, reaching $424.96 billion, up from $185.12 billion in October 2023. Meanwhile, XRP’s market capitalization saw a modest 32% increase, moving from $26 billion to $33.89 billion in the same period.
Despite these challenges, optimism regarding XRP’s future remains high among certain segments of the market. EGRAG, a leading analyst, suggested on March 19 that XRP could soar to $27 based on historical trends.
Furthermore, in a December interview, Patrick Riley, CEO of Reaper Financial, projected a significant upturn in XRP’s value to $22.
For XRP to match Ethereum’s market cap, its value would need to surge by approximately 11.88 times. Assuming a stable circulating supply, XRP’s price would need to climb to $7.42 to equal Ethereum’s current market cap.
Influential figures within the XRP community have previously forecasted this $7 price point. Ben Armstrong, a notable XRP advocate, expressed confidence in January that XRP would reach $7. Similarly, analyst Ben McClymans predicted a $8 price target for XRP during the 2025 bull run.
To achieve this $7 milestone, XRP’s price would require a rally of 1,013% from its present value of $0.6285. Although this ambitious goal may encounter resistance at several levels, analysts broadly agree that it remains within the realm of possibility.
At the time of writing, XRP is trading at $0.6182, with a slight decrease of 0.63, after experiencing volatility over the past week. On the other hand, Ethereum also has seen a notable decline of more than 1% over the past 24-hours after a slight market correction. At press time, ETH is at $3,541, with bearish mounting pressure on the chart.
