Optimism Around XRP Has Continued to Surge Despite the Asset's Price Faltering This Week After a Wider Crypto Market Drawdown Led by Bitcoin

Optimism around XRP has continued to surge despite the asset's price faltering this week after a wider crypto market drawdown led by Bitcoin.

Optimism around Optimism around XRP has continued to surge despite the asset’s price faltering this week after a wider crypto market drawdown led by Bitcoin.

Notably, the third-largest cryptocurrency has dropped nearly 20% since Monday, approaching a critical multi-year support level at $2. Nevertheless, despite this pullback, analysts suggest there is still room for XRP’s growth, with the potential to outperform BTC and ETH in the long run.

In a recent tweet, crypto analyst Max Avery highlighted the difference in the scale of returns required for BTC and XRP prices to surge tenfold.

“For Bitcoin to deliver a 10x return, it has to reach $1 million. For XRP to deliver 10x, it only needs to hit $25. Think about that gap for a moment. Which seems more likely?” the pundit asked.

For Bitcoin to deliver a 10x return, it has to reach $1 million. For XRP to deliver 10x, it only needs to hit $25.

Think about that gap for a moment. Which seems more likely? می‌تواند نشان دهد که قیمت بیت کوین در حال حاضر حدود 68,000 دلار است و برای رسیدن به بازده 10 برابر باید به بالای میلیون دلار برسد. از طرفی، قیمت XRP در 0.25 دلار یا کمتر در چندین صرافی ارز دیجیتال در حال حاضر در سطح پایین تری نسبت به BTC قرار دارد و برای رسیدن به بازده 10 برابری باید به بالای 25 دلار برسد.

— Max Avery (@Max_Avery_) April 15, 2024

Avery also pointed out that XRP has outperformed Bitcoin in percentage ROI over a 10-year period, suggesting the trend could continue. Echoing these sentiments, some XRP community members reinforced the argument.

“Totally reasonable. For Bitcoin to 10x, the market cap would need to increase from $2T to $20T. The entire valuation of all U.S. equity markets is maybe $50T. Bitcoin is not going to get there. For XRP to 10x, its market cap would be $1.5T,” one investor stated.

Interest in the XRP ecosystem has also been fueled by developments in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). Various experts anticipate a resolution soon, with pro-Ripple attorney Jeremy Hogan stating on Saturday that a decision could come as early as April or May.

Moreover, speculation around a potential spot XRP ETF approval has intensified with multiple applications, including 21-Shares and Grayscale’s, being added to the SEC’s federal register last week.

Assessing the potential market impact, Luca Sorlini, Product Director at Northstake, predicted that an approved XRP ETF could attract between $400 million and $800 million in inflows within its first week, depending on market conditions and institutional demand.

Elsewhere, last month JPMorgan predicted up to $8 billion could flow into an XRP ETF, a significant sum, though modest compared to the over $50 billion in payments Ripple has already processed.

At press time, XRP was trading at $2.19, reflecting a 10.44% drop in the past 24 hours.