XRP price could reach unprecedented levels if XRP follows Bitcoin as the market leader guns for a $61 trillion market cap.
Notably, at press time, Bitcoin (BTC) currently boasts a market cap of $1.072 trillion, firmly holding its spot as the largest cryptocurrency by valuation. BTC alone accounts for over 55% of the global crypto market cap, with the entire altcoin market sharing the remaining 45%.
Being the market leader, Bitcoin often dictates the direction of the broader crypto market. This trend has been observed across multiple market cycles, where a BTC drop leads to a bearish market and an uptrend typically triggers a bull run.
XRP and Bitcoin Price Correlation
For instance, with Bitcoin now down 2.66% over the past 24 hours, the rest of the market has collapsed. XRP, one of the top 10 largest altcoins, has also trailed Bitcoin’s price action. Data from CoinMarketCap confirms that XRP price has consistently moved alongside Bitcoin over the past month.
Due to this price correlation, any upsurge recorded by Bitcoin could spill to the altcoin market, impacting XRP. As a result, bullish predictions surrounding Bitcoin could indirectly translate to a positive outlook for the entire crypto market, with XRP poised to benefit significantly from such positive movements.
One such bullish prediction came from Bitcoin ETF issuer and asset manager VanEck. In a report earlier this week, The Crypto Basic confirmed that VanEck predicted a possible spike in Bitcoin’s price to $2.9 million by 2050. Remarkably, such a value could push Bitcoin’s market cap to a whopping $61 trillion, the largest for any single asset.
XRP Price if Bitcoin Hits $2.9 Million
Bitcoin, which trades for $54,219, would need to rally 5,248% to hit the $2.9 million target. If XRP follows in Bitcoin’s footsteps, its price could surge tremendously. For context, XRP price currently hangs around $0.5274, with a market cap of $29.7 billion. A 5,248% increase would push XRP to $28.2, with a market cap of $1.58 trillion.
Meanwhile, AI chatbots ChatGPT and Grok presented a mix of varying targets for XRP if Bitcoin hits the $2.9 million goal. Grok predicted that XRP could rally to $16.897 in a scenario where BTC clinched the VanEck target, considering multiple market assumptions.
However, ChatGPT presented a more bullish outlook. According to the OpenAI-backed LLM chatbot, XRP is capable of reaching $29.85 if it mirrors Bitcoin’s gains on the back of a rally to $2.9 million.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/09/07/heres-xrp-price-if-bitcoin-market-cap-hits-61-trillion/?utm_source=rss&utm_medium=rss&utm_campaign=heres-xrp-price-if-bitcoin-market-cap-hits-61-trillion