The price of 1 XRP could explode by more than 759% if XRP’s market cap reached the $350 billion mark.
XRP has been one of the biggest beneficiaries of the ongoing market upsurge as Bitcoin broke $90,000. Amid the prevalent market push, XRP recently reclaimed the $1 price mark.
XRP Joins Market Rally
This rally allowed XRP to cross the $60.9 billion market cap, its highest valuation since July 2021. As the upsurge persists, discussions around a price increase to lofty targets have resurfaced. For instance, earlier this month, market analyst EGRAG suggested that XRP could hit $17, leveraging a “bent fork” formation.
Another market watcher, Steph, charged investors to procure XRP tokens before the altcoin claims a new peak of $14. While targets of a $4 price or a $6 value are logically attainable, some have doubted the feasibility of higher goals such as $14 and $17.
These skeptics point to the market cap that could result from such ambitious targets. For the valuations from these audacious goals to materialize, the XRP market would need to welcome a substantial amount of capital.
XRP Price at a $350B Market Cap
Throughout its decade-old journey, XRP has not clinched the coveted $100 billion valuation mark. The altcoin’s peak market cap was $95.5 billion, attained when its price spiked to an all-time high of $3.3 in January 2018. XRP has since dropped from this mark, struggling to maintain the $30 region this year.
However, we recently assessed how much XRP would need to rally to claim a $350 billion market cap, roughly the size of Ethereum’s valuation before the latest uptrend. Such a market cap would mark a new territory for XRP, possibly buoyed by a flood of new capital.
Currently, XRP has a circulating supply of 56.8 billion tokens, a jump from previous figures due to the periodic escrow releases from Ripple’s accounts. At the current circulating supply, the value of 1 XRP would need to rise by 759% to $6.15 for XRP to claim a $350 billion market cap.
Both the $6 price mark and the $350 billion valuation are within reach for XRP. Some factors that could catalyze a run to these levels include the forthcoming XRP ETFs and launch of Ripple Stable coin (RLUSD) on XRP ledger.