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$XRP price could clinch an ambitious two-digit value if $XRP’s market cap soars to equal that of electric vehicle (EV) manufacturer Tesla.
The market has not been particularly favorable to $XRP in recent times. While some top assets, including Bitcoin (BTC) have recorded new all-time highs in the current cycle, $XRP still trades below the peak it attained six years ago.
$XRP’s Underperformance
Recall that $XRP failed to surpass this $3.31 peak during the 2021 bull run. The altcoin merely soared to a $1.96 high but failed to capitalize on the broader market rally in Q4 2021. The rest of the market witnessed new all-time peaks, but $XRP failed to follow suit.
Now, as the ongoing bull market progresses, some market participants suggest $XRP might again miss out on another bull rally. The asset has failed to even reclaim the $1 price, much less retest the $1.96 high of the previous bull rally. Notably, $XRP’s inability to surpass its previous highs has kept its market cap at lower levels.
Following its introduction, $XRP battled to secure the second spot of largest crypto assets for a time. At some point, this battle was persistently with Ethereum (ETH). However, at press time, Ethereum has completely secured this spot, with a market cap of $300 billion. Meanwhile, $XRP’s market cap only sits at $28.6 billion, making it the seventh-largest cryptocurrency.
$XRP Price if It Equals Tesla Market Cap
Despite this, certain experts suggest that $XRP could be on the verge of a comeback uptrend. Some of these commentators try to compare $XRP’s impending resurgence to Tesla’s market growth. In May, market analyst EGRAG asserted that selling $XRP at the current price level is akin to selling Tesla stock when it traded for $2.50.
However, an interesting comparison from last August also showed that despite $XRP’s underperformance, it still performed better than Tesla over a 10-year period. Notably, $100 invested in $XRP as of August 2013 yielded $9,222 in August 2023. In comparison, Tesla boasted a yield of $2,189 within the same period.
Nonetheless, Tesla’s overall growth has been nothing short of extraordinary. The Tesla stock currently trades for $200.64 amid a 0.88% increase over the past 24 hours. At this price, its market cap currently stands at $640.97 billion, significantly higher than $XRP’s $28.6 billion.
We recently assessed how much $XRP’s price would be if it captures Tesla’s market cap. Notably, at a market cap of $640.97 billion, $XRP price would soar to $11.44 assuming the current 55.99 billion circulating supply remains fairly constant. This would mark a 2,145% increase from the current price of $0.5094.