thecryptobasic.com
XRP has the potential to record a 3,354% price upswing to the $17,9 price level if it tracks the performance of Tesla over the past decade.
The cryptocurrency market has slipped into another short-term bearish phase, with the prices of most crypto assets down over the last 24 hours. XRP, which has not performed as well as these assets in the ongoing bull run, has also recorded similar declines amid the retracement.
This persistent bearishness has contributed to a drop in optimism among market participants. The ongoing trend also played out in June 2022, with XRP sinking to a low of $0.33. Amid the downtrend at the time, market analyst EGRAG presented a monthly chart tracking the performance of automotive firm Tesla.
Tesla Chart Demonstrates the Power of Patience
The analyst leveraged this chart to demonstrate the power of patience to XRP holders, reiterating that individuals who refuse to allow their emotional response to market turbulence control their investment decisions would always make the best investors.
He juxtaposed Tesla’s performance over a decade with XRP’s potential performance in the next decade. Citing market data, EGRAG stressed that an individual who invested $10,000 in Tesla to procure 3,333 shares in 2010 would have made $4.2 million in November 2021 when the price hit an all-time high of $414.5.
It bears mentioning that EGRAG’s chart indicates an ATH of $1,283 in November 2021 because it had not been adjusted for the Tesla stock split. For context, Tesla executed a 3-for-1 stock split in August 2022, increasing the number of shares by 3 times and equally reducing the worth of each share to maintain the value held by shareholders.
Most recently, EGRAG called attention to the commentary he presented two years ago, emphasizing its significance today as XRP’s underperformance continues to trigger investor angst.
Reposting #TESLA https://t.co/bqv9v8qPU6
— EGRAG CRYPTO (@egragcrypto) May 8, 2024
XRP Can Rise to $7.62 if It Tracks Tesla’s Performance
The Crypto Basic leveraged this to provide a glimpse of what XRP’s price can be if it actually follows Tesla’s growth trajectory over the past decade. In May 2014, Tesla traded for an average of $12. At its current price of $174.72 today, the stock has increased by 3,354% over the last decade.
If XRP tracks Tesla’s decade-long performance for the next decade, its price could soar 3,354% to $17.92 in May 2034. At this price, $10,000 invested in XRP today, which would procure 19,230 tokens, will yield $344,601. However, projections from market analysts suggest this might be an underestimate.
For instance, analysts at Changelly believe XRP could hit a maximum price of $23.48 in 2033, marking a 4,415% price increase. While this is not guaranteed, it is especially feasible considering the volatile nature of the crypto market.
EGRAG himself recently set a target of $17 for XRP amid the current price performance. Meanwhile, some analysts look beyond the projected two-figure value, with market watcher Javon Marks predicting an XRP rise to $200 and The Block Bull setting a price target of $246 following the Bitcoin halving.
Despite the appeal these projections bring, it is important to note that they are not particularly a guarantee. As a result, investors should not make any investment choices based on them. The market could move against XRP, leading to sustained underperformance or move in its favor, resulting in price upswings.