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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.