XRP has the potential to be the cryptocurrency equivalent of Tesla’s stock performance, according to well-known market analyst Matt Hughes.
Hughes made this bold comparison in a recent post on X, drawing parallels to the period marked by significant growth for TSLA.
In the commentary, Hughes shared a chart juxtaposing Tesla’s historical growth with XRP’s current position, implying that the latter might be on the verge of experiencing a similar explosion in value.
XRP’s Current Position Mirrors Tesla’s Early Days
The chart shared by Hughes highlights how XRP’s current price levels align with Tesla’s price trajectory back in the early 2010s. Tesla, which started as an underdog in the automotive industry, has since become a dominant force.
Its stock price skyrocketed from a few dollars to over $414 before stock splits, rewarding early investors with astronomical returns. As of today, TSLA’s price is at $238.25, which represents a massive 18,710% profit for earliest investors.
According to Hughes, XRP is currently in a similar phase—poised for a breakout that could lead to massive long-term gains. In the chart, he pinpointed where XRP stands in comparison to Tesla’s historical chart, which was the bottom point before TSLA exploded to an all-time high.
Notably, looking at the historical chart, the performance of TSLA appears unimpressive at first glance, showing a relatively flat progression between 2010 and 2019. However, during this time, its value had expanded more than ten times from around $1.70 to above $16 in August 2019.
From this point on, it commenced an explosive price growth, as depicted by the towering wave on the historical chart from 2019 to an all-time high in 2021. Specifically, from a low of $14 in August 2019, TSLA rallied up to $414 in two years, which is a massive 2,857% price growth.
XRP Price if It Follows TSLA Path
Hughes’ suggestion that XRP is quite possibly the TSLA of the 2010s of cryptos seeks to highlight that while XRP currently underperforms in the market, it could be gearing up for a major rally to send it to a fresh all-time high.
Notably, XRP is trading around $0.5831 today. The analyst sees this current level as a bottom point before XRP potentially breaks to a fresh all-time high within the next few years, as observed with TSLA.
Remarkably, a similar 2,857% price growth from XRP’s current point would send the asset above $17.
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Source: https://thecryptobasic.com/2024/09/21/xrp-could-become-the-tesla-of-crypto-analyst-claims/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-could-become-the-tesla-of-crypto-analyst-claims