Prominent figures in the XRP community have argued that XRP has the potential to witness a tenfold gain in this bull cycle, potentially staying below Ethereum (ETH) in the market cap. Wall Street Experts see XRP Low Prices as an Opportunity for Accumulation.
This view emerged during a recent analysis of the XRP market and other coins by Abs, the host of the Good Morning Crypto podcast. The session featured Linda Jones, a renewed Wall Street analyst.
XRP vs Ethereum: Is XRP Set to Surge 10x?
Watch #GoodMorningCrypto Live M-F 11am EDT @ #3TWarriorAcademy#breakingnews #cryptocurrency #crypto #investing #xrp #ethereum #ripple pic.twitter.com/rOz2rD5aBQ
— Good Morning Crypto (@AbsGMCrypto) March 21, 2024
During the discussion, the podcast host endeavored to address the mounting concerns regarding XRP’s subdued performance in the market. He pointed out that during the 2017 bull run, when Bitcoin cracked its previous all-time high, XRP traded 80% below its peak.
Highlighting the current scenario, Abs emphasized that XRP finds itself in a comparable situation. He noted that Bitcoin has recently surpassed the $69,000 milestone while XRP is still languishing below its previous peak by a substantial 85%.
Considering the disparity, the host observed nervousness within the XRP community regarding its performance, which he deemed unjustified.
Accordingly, Abs urged for a sense of optimism by drawing parallels to XRP’s astounding performance in 2017. During that period, XRP recorded an extraordinary gain of 70,000%, becoming one of the top-performing cryptocurrencies of that cycle.
XRP Can 10X and Stay below ETH
Meanwhile, the podcaster stressed that he is not forecasting a repetition of the remarkable 70,000% surge for this cycle. Instead, he firmly believed that XRP has the potential to achieve a tenfold increase in value and remain less valuable in terms of market capitalization compared to Ethereum’s current standing.
Notably, Ethereum boasts a substantial market capitalization of $402 billion, while XRP trails behind at $33.85 billion, with a price of $0.6168. Should XRP’s price surge tenfold, its valuation would reach $338.5 billion, clearly falling short of ETH’s market cap.
The key point is that the analyst aims to underscore the feasibility of XRP’s price increasing by 1,000% during this cycle.
Wall Street Analyst Reacts
In response, Wall Street analyst Linda Jones echoed a similar sentiment. She highlighted the fortunate opportunity the market still holds with low XRP prices, enabling accumulation.
Addressing the concerns of pessimistic XRP enthusiasts, Jones offered a soothing perspective: “Don’t worry about the price; the price will take care of itself.”
Expanding on her point, Jones drew attention to the XRP-based private ledgers banks utilize. She claimed that around 400 banks have contacted Ripple to utilize XRP for cross-border transactions potentially.
She explained that these banks utilize XRP-based private ledgers for periodic money transfers, sometimes causing price fluctuations in XRP. However, she viewed these fluctuations as stress tests for the system, indicating that they foreshadow the future transition of such activities onto the main ledger.
As The Crypto Basic reported, multiple instances regarding XRP price glitches on various trading platforms have emerged, with claims that the asset’s price reached as high as $34,603. One recent claim highlights XRP trading at an astonishing $74 on Atlantis Exchange. Interestingly, the Wall Street analyst suggested that these glitches provide insight into the future price of XRP.
