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XRP could be at the same level as Bitcoin was 14 years ago, when prices traded at $2.
The chart below shows Bitcoin in its early days, at around $2 in 2012, and XRP allegedly at the same level as the crypto leader today.
XRP Chart Comparing It With Bitcoin's 2020 Price Action/Steph Is Crypto">
Key Points
- Bitcoin, which currently trades at $95,000 and reached an all-time high of $126,200, once traded at $2.
- XRP could be at the same level as Bitcoin was 14 years ago when it traded at $2.
- XRP could also be at the same stage of market skepticism as Bitcoin.
XRP Is at a Similar Point to Where Bitcoin Was 14 Years Back
Steph on X noted that almost nobody believed in Bitcoin at the time, as it faced criticism and ostracization from the global financial scene. Unbeknownst to critics, the asset was at the start of its parabolic expansion.
The analyst views XRP in that light. He claimed that XRP is at the same point in its curve and at the same price level as Bitcoin. At the time of writing, XRP changes hands at $2.14 per coin.
Why The Analyst Compared XRP to Bitcoin
He provided more context with his “same stage in the cycle” narrative. Notably, Bitcoin was at the start of its 2012/2013 bull cycle, during which it reached a peak of $1,242 in November 2013.
Steph’s comment highlighted that XRP might be at the start of a parabolic expansion phase. Notably, this remains highly speculative, as he did not provide any further evidence to support it.
Additionally, he noted that XRP is also in the same stage of market skepticism as Bitcoin then. This implied that, as many doubted Bitcoin back in the day, current market participants are also cautious about XRP.
Notably, enthusiasts have sold XRP as a payment asset that would dislodge the legal payment and remittance system, teasing that it would replace giants like SWIFT. While this remains highly speculative, that narrative has drawn widespread criticism to the XRP ecosystem.
Nonetheless, Steph sees these as aligning factors that would send XRP parabolic, as it did to Bitcoin back in 2012.
Crucial Caveats to Note
While Steph remains highly optimistic that XRP will match Bitcoin’s move from 14 years ago, the facts he provided are not data-driven or fact-based. The scale of his projected price growth also looks ambitious, considering XRP’s large market cap. Notably, his chart shows a 56,000% increase in the price of XRP.
Nonetheless, this doesn’t take anything away from XRP, as the asset has proven to have a track record of appreciating considerably, fueled by cycle-inspired momentum. Recall that XRP rallied 55,000% between February 2017 and January 2018.
Essentially, the analysis does not in any way translate to financial advice.