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XRP’s price is likely to breach $3 if it follows Ethereum’s price trajectory as ETH clinches VanEck’s $22,000 price target.
The current trading environment for cryptocurrencies is marked by significant volatility, with both Ethereum (ETH) and XRP experiencing significant declines. Notably, Ethereum typically moves in correlation with Bitcoin (BTC), and XRP usually follows the path set by both assets during market uptrends and downturns.
With Bitcoin now trading below the psychologically significant $65,000 threshold, Ethereum has equally collapsed underneath $3,500. Similarly, XRP price trades below the $0.50 support. Due to this correlation during the market dump, experts believe all three assets would secure similar surges when a recovery comes.
VanEck Predicts Ethereum to $22,000
Each token has been a subject of price speculation and projections. As of now, Ethereum stands at $3,435. Earlier this month, VanEck, a prominent asset manager, made an ambitious prediction that Ethereum could soar to $22,000. This forecast follows the U.S. SEC’s recent partial approval of spot Ethereum ETF filings, which could be a game-changer for the market.
VanEck’s optimistic outlook on Ethereum suggests a possible rebound and impressive growth. If Ethereum reaches this predicted value, it will likely have far-reaching effects on the wider cryptocurrency market, including XRP.
Such impact materialized when ETH spiked 19% in a day last month as speculation of the SEC’s spot ETH ETF approval gained steam. Interestingly, XRP price recorded a surge as well but only managed a 5.51% intraday gain on May 20. XRP eventually surpassed $0.55 the next day.
XRP Price if It Follows Ethereum’s Trajectory
Notably, if Ethereum rises from $3,435 to $22,000, as predicted by VanEck, it would represent a staggering 540.60% increase. If XRP experienced a similar percentage growth, its price could see a substantial jump. Applying this percentage increase to XRP’s current price of $0.4783, we find that XRP could potentially reach around $3.065.
While this price is still below XRP’s all-time high of $3.31 in January 2018, it represents a significant level from which the crypto asset could surge to greater heights. Meanwhile, market analysts predict more substantial targets for XRP price, with the most recent projections setting goals at $49 and $36.