thecryptobasic.com
$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.