A widely followed analyst in the crypto community has suggested that XRP could reach $20 by the end of this ongoing bull market, particularly when Bitcoin attains $500K.
XRP advanced significantly this week and continued to hold steady above the $0.60 mark it recently reclaimed. At press time, XRP hovers around $0.6015 with a flat gain over the last 24 hours, though it boasts a 7% weekly gain.
Though the performance of XRP since the bull market of this year has not been very encouraging, analysts continue to predict lofty highs for the digital asset.
XRP to $20 if Bitcoin Reaches $500K
In a list shared on X, Aryan, an analyst known for sharing crypto 100X gems, highlighted his thoughts that XRP could be worth $20 this cycle. The list included his projections for other top crypto assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Notably, XRP must surge by 3,233% to attain the $20 price point that Aryan has proposed. However, since this ongoing bull cycle began, XRP has not posted even 100% growth, making the projection a formidable feat for XRP.
Moreover, while some analysts suggest the bull cycle is over, and the bear cycle is already underway, XRP is still trading at 84% below its previous all-time high (ATH). However, Aryan expects a turnaround for XRP.
Although he provided no specific grounds for believing XRP could attain an all-time high of $20, his analysis suggests he expects the projection to occur riding on the Bitcoin wave.
Specifically, he proposed a $500K target for Bitcoin. At its current price point of $61,000, Bitcoin needs to rally by 719% to reach this level. Notably, this is not an isolated forecast. A few other market watchers have argued the possibility of $500K for BTC this season.
The market frenzy expected from this activity level is anticipated to spill over to top altcoins like XRP, potentially positioning them to outperform Bitcoin, as witnessed in the 2017/2018 cycle when XRP last set an ATH.
ETH to $20K and SOL to $2K
As for Bitcoin’s closest rival, Ethereum, Aryan proposed a peak in the $20K region, which demands a near 10X growth from ETH’s current price.
Meanwhile, the analyst has set his sights on the $2,000 price for Solana. This price threshold demands that Solana expand by 1,300% from its current value of around $140.
This required percentage is not formidable for Solana, considering it has grown by over 600% since last year. Save for the recent downturn, its percentage growth neared 1,000% in Q1.
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Source: https://thecryptobasic.com/2024/08/23/xrp-to-20-if-bitcoin-reaches-500k-eth-20k-and-sol-2k-analyst/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-to-20-if-bitcoin-reaches-500k-eth-20k-and-sol-2k-analyst