As a seasoned researcher with over two decades of market analysis under my belt, I have witnessed countless bull and bear runs, bubbles, and crashes. The current surge in XRP‘s price performance is undeniably captivating, but it stirs mixed feelings within me.
For weeks, XRP’s price performance has been at the center of attention on the crypto market. Hitting $2.50 at the start of December and posting a staggering, almost 400%, gain since the U.S. election last month, the token has climbed into a dominant position. Now valued at over $135 billion in market capitalization, XRP stands as the third-largest digital asset, behind only Bitcoin (BTC) and Ethereum (ETH).
Amidst all this discussion, a thought-provoking and unanticipated question arises: Could XRP potentially dethrone Bitcoin in the future? This query was addressed by a seasoned trader in the crypto world who goes by the name “DonAlt”.
Observing that the fully-diluted market value of XRP has doubled Solana’s and is quickly nearing Ethereum’s, DonAlt has made comparisons to the year 2017, where XRP momentarily surpassed Bitcoin in terms of value.
Happened in 2017 for a brief moment, then the entire market nuked to zero
— DonAlt (@CryptoDonAlt) December 2, 2024
On the other hand, DonAlt advises that although this growth might be enticing for optimists, pushing it too far could potentially cause instability within the market, similar to what happened previously. He suggests that even a moderate increase of 1,000% could result in severe corrections if the market’s equilibrium isn’t preserved.
Be careful what you wish for
Expanding on the ongoing conversation, well-known trader Peter Brandt has offered a more optimistic outlook on the future price of XRP. He predicts that the value of each XRP token might increase to around $24, which would boost its total market capitalization to an impressive $1.37 trillion. While this number still falls slightly short of Bitcoin’s current $1.89 trillion valuation, it brings XRP closer than ever to potentially challenging Bitcoin’s leading position in the market.
But there is still a bit of skepticism out there. Looking at what has happened in the past and what is going on in the market right now, it is clear that growth like this needs to be managed carefully. There are a lot of risks involved, and the 2017 market crash is a good example of what can happen if things get out of control.
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2024-12-02 18:09