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XRP price could skyrocket by as much as 2,893% to clinch a new all-time high value if XRP’s market cap hits the $1 trillion margin.
The crypto market has witnessed exponential growth since the introduction of Bitcoin (BTC) in January 2009. This growth has been a direct result of the growth rate Bitcoin and other cryptocurrencies have continued to record over the years.
XRP Market Cap Faces Stunted Growth
While some assets attained new heights in the previous bull market, altcoins like XRP saw stunted growth. Notably, during the 2017/2018 bull run, XRP’s market cap reached a massive $119.82 billion in January 2018. This marked XRP’s largest market cap, attained when the price reached the all-time high of $3.31.
XRP was on track to surpass this $119.82 billion valuation during the 2021 bull run. However, the highest it saw was $73.35 billion in April 2021, as its price hit resistance at $1.96. During the peak of the 2021 bull run from October to November 2021, XRP could not even exceed a $60 billion valuation.
Some market analysts attribute this underperformance to the SEC’s lawsuit against Ripple, filed in December 2020. With XRP now declared a non-security and the lawsuit on the verge of conclusion, industry commentators expect XRP’s market cap to finally clinch new heights during this bull season.
XRP Price if It Hits a $1T Market Cap
Earlier this year, Chase, host of the Bitcoin Express YouTube channel, discussed XRP’s potential to clinch Bitcoin’s $1 trillion market cap. At the time, Bitcoin boasted a market valuation of $1.02 trillion. Chase’s commentary aimed to discredit predictions that XRP price could reach $100, $589 or even $1,000.
For context, the Common Sense Crypto account has continued to insist that XRP is capable of hitting $100. Also, last March, David Gokhshtein, a former U.S. Congressional Candidate, made a case for an XRP rally to $589. Another commentator Amelie also argued for an XRP upsurge to $1,000.
Chase believes these predictions are not attainable. However, his remarks suggest the feasibility of XRP reaching a $1 trillion market cap. This could be possible if the crypto asset records an explosive growth during the ongoing bull run.
Notably, XRP has a circulating supply of 55.96 billion tokens, and an inflation rate of 200 million per month. Considering the current supply of 55.96 billion tokens, if XRP’s market cap grew to $1 trillion, its price would have jumped to $17.86. This marks a 2,893% increase from the current price of $0.5966.
Multiple crypto trading experts have predicted an XRP surge to the $17 price level. Last month, market expert TradingShot asserted that XRP is not dead, projecting a price spike above $17. Moreover, analyst EGRAG predicted earlier this month that XRP is on the verge of a run to $17.