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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.