The XRP value is presently struggling to retain $0.52, with commentators dubbing the token undervalued, however what might this value be if XRP captured the $299 billion market cap of Ethereum?
XRP retained the spot because the second-largest crypto asset in some unspecified time in the future, solely under Bitcoin (BTC), the firstborn cryptocurrency, in market capitalization. The crypto asset overtook Litecoin (LTC) in market cap in 2015 and held the second spot till 2016, when Ethereum (ETH) stole the present.
XRP Battled Ethereum for Second Spot
XRP battled Ethereum for the second spot from 2016 to 2018, ultimately reclaiming it in December 2017 when its market cap soared to $95.8 billion whereas Ethereum remained on the $70 billion mark. ETH retook the spot after a quick interval, however the supremacy battle lingered till late 2019.
Ethereum has continued to carry the second spot since then, with the SEC lawsuit, which got here up in December 2020, exerting extra bearish strain on XRP. Whereas Ethereum’s market cap soared to a excessive of $575 billion in November 2021 in the course of the bull run, XRP solely had a valuation of $60 billion.
Through the years, XRP has additionally relinquished the third and fourth spots to Binance Coin (BNB) and Tether (USDT). Most not too long ago, it gave up the fifth spot to a rallying Solana (SOL), whose market cap has now skyrocketed previous $47 billion amid the reclamation of a $100 value.
XRP now sits sixth among the many largest crypto property by market cap, with a valuation of $28.5 billion on the time of reporting. In the meantime, USDC, Circle’s stablecoin, boasts a market cap of $27.9 billion regardless of its woes final yr.
XRP Worth at $299B Market Cap
A number of XRP proponents have bemoaned the asset’s underperformance over time, because it goes from a aggressive stance towards Ethereum to relegating itself to the sixth place among the many largest cryptocurrencies by market capitalization.
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Whereas some market analysts predict an imminent comeback from XRP, these projections stay speculative at the moment. Nevertheless, if XRP had adopted an analogous progress trajectory to Ethereum’s, what would its value be proper now, contemplating its present circulating provide?
Ethereum presently has a market cap of $299 billion on the time of reporting. In the meantime, XRP’s circulating provide is available in at 54.5 billion cash, per CoinMarketCap (CMC) knowledge. If XRP had imitated Ethereum’s progress to achieve the $299 billion valuation, its value proper now can be $5.53.
Notably, this value would characterize a brand new all-time excessive for XRP, which presently trades for $0.5227. XRP would wish to skyrocket by an enormous 957% from its present worth to clinch the $5.53 value.
If XRP achieves a market capitalization of $1 trillion like Bitcoin, XRP price would be approximately $18.
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Disclaimer: This content material is informational and shouldn’t be thought of monetary recommendation. The views expressed on this article could embody the writer’s private opinions and don’t mirror The Crypto Fundamental’s opinion. Readers are inspired to do thorough analysis earlier than making any funding selections. The Crypto Fundamental is just not accountable for any monetary losses.
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