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Cryptocurrency News Articles
XRP Mirroring Tesla’s Early Days, Might Be Gearing Up for a Major Rally: Analyst
Sep 21, 2024 at 10:17 pm
“XRP is quite possibly the TSLA of the 2010s of crypto”, says the well-known market analyst Matt Hughes.
Market analyst Matt Hughes has compared XRP's price trajectory to Tesla's (NASDAQ:TSLA) early stock price performance, suggesting that XRP could be poised for a massive rally.
In a recent X post, Hughes shared a chart that aligns XRP's current price levels with Tesla's price trajectory in the early 2010s. Tesla, which began as an underdog in the automotive industry, is now a dominant force.
Its stock price soared from a few dollars to over $414 (pre-stock splits), rewarding early investors with astronomical returns. At present, TSLA trades at $238.25, showcasing an impressive 18,710% gain for earliest investors.
Hughes speculates that XRP might be in a similar stage, poised for a breakout that could lead to substantial long-term gains. Notably, he indicates on the chart where XRP currently stands in comparison to Tesla's chart, which was at the bottom point before TSLA hit an all-time high.
While TSLA's performance may not appear impressive at first glance, showing a flattish advancement between 2010 and 2019, during that time its value increased more than 10x, going from around $1.70 to over $16 in August 2019.
Afterwards, it began a massive price surge which is depicted by the towering wave on the historical chart from 2019 to an all-time high in 2021. Notably, TSLA rallied from a low of $14 in 2019 to $414 in two years, registering a huge 2,857% price increase.
Hughes' perspective, regarding XRP being the TSLA of the 2010s in the crypto space, suggests that while XRP may not be at its best currently, it could be preparing for a major rally to a new all-time high.
At the time of writing, XRP trades around $0.586. This could be XRP's bottom point before it could potentially break out within the next few years. Notably, if XRP manages to achieve a significant 2,857% price growth like TSLA, it could cross the $17 level.
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