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XRP might clinch a two-digit figure if the broader market witnesses a rally that eventually pushes Shiba Inu price up by 10,000%.
Though residing in different market segments, the price movements of XRP and Shiba Inu often rhyme in tandem with the direction of the broader cryptocurrency market. Notably, this is largely due to the correlation that exists within the crypto market, as it trails Bitcoin’s (BTC) price movements.
XRP and Shiba Inu Often Trail the Broader Market
While both Shiba Inu and XRP have largely moved in similar directions throughout this year, a trend observed across the top 20 crypto assets, the rate of their price movements has varied significantly.
Notably, SHIB often observes steeper declines and greater upsurge due to its higher volatility being a meme coin, as opposed to the relative stability with XRP, an asset in the payments segment. Data from Sentiment confirms this, with SHIB currently seeing a 4-week volatility of 0.14, while XRP’s volatility sits at 0.054.
As Shiba Inu and XRP continue to move in the same direction for most of the year, bullish market projections around one of them could theoretically translate to similar price movements for the other, though at varying degrees.
Although Shiba Inu has struggled in recent weeks, its price has stabilized around the $0.000017 region. Shortly after the approval of Ethereum ETFs in July, while SHIB traded for $0.000016, market analyst Ava Monaro presented the meme coin as one of multiple assets that could experience 10,000% or 100x gains.
Possible XRP Price if Shiba Inu Gains 10,000%
Being an integral part of the crypto market, before Shiba Inu can record a rally as substantial as 10,000%, the broader market must have already slipped into a bull phase. XRP could equally leverage this bull run to record its unique gains.
In such a scenario, XRP is likely to witness much lower gains due to its limited volatility. However, supposing XRP observes only 40% of SHIB’s proposed 10,000% increase, the altcoin would surge by an impressive 4,000%.
With XRP currently changing hands for $0.5304, a 4,000% rally would push its price to $21.7, a two-digit figure and a new all-time high. With a circulating supply of 56 billion tokens, a price of $21.7 would push XRP’s market cap to a whopping $1.215 trillion, higher than Bitcoin’s current valuation.
Interestingly, multiple analysts have also projected a possible rise in XRP price to the $20 region. In May, Javon Marks argued that XRP’s bullish breakout could push prices toward $15 to $20. Earlier this month, another market commentator ModernInvest said it would be odd if XRP failed to hit $20 this bull run.