Key Insights
- XRP has taken a step backward, considering the broader crypto market dip over the last day.
- More and more analysts are speculating over the possibility of XRP beating Ethereum soon.
- Ex Goldman Sachs analyst Dom Kwok believes that this could happen soon.
- XRP flipping Ethereum would put its price at around $6, assuming Ethereum remains stagnant.
- Other extreme bullish outlooks put XRP as high as $70.
XRP made headlines throughout most of January, especially after its rise to a 7-year high.
This rise allowed the cryptocurrency to overtake USDT and become the third largest crypto-based asset on the market.
This time around, questions are starting to arise about how much further the cryptocurrency can go.
Does XRP have what it takes to beat Ethereum?
A Look at Recent Performance
XRP has been one of the best performing crypto assets since November of last year.
This was fueled mostly by the broader crypto market gains after the US presidential election.
The cryptocurrency hit a new high of $3.4 sometime around late January, which is the highest price level it had attained since 2018.
While the price has been consolidating and even crashed along with the rest of the market, investors still seem confident in the cryptocurrency’s abilities, and how close it is to beating Ethereum.
Interestingly, the cryptocurrency’s rally towards its $3.4 high pushed the XRP/ETH trading pair to a 50-month high of 0.0008820, indicating that the cryptocurrency was gaining strength compared to Ethereum.
Even despite the recent market slump, the charts are recovering, indicating that XRP is still stronger than ETH.
Analysts Believe XRP Can Make It
One of the most prominent analysts who believe in the strength of XRP is Dom Kwok, a former Goldman Sachs analyst and co-founder of Easy.
The analyst took to Twitter (X) to voice his views on the cryptocurrency, stating: “High chance that XRP flips ETH very soon. Are you ready for a new world order?”
His optimism in the cryptocurrency comes from some of the biggest developments surrounding the cryptocurrency, including its recent partnership with Chainlink Labs, the ETF speculation and the favorable circumstances surrounding the SEC versus Ripple case.
According to data from CoinMarketCap, XRP now has a market cap of $140 billion at a current price of $2.44.
On the flip side, Ethereum has a market cap of $314 billion, with a current price around the $2,500 zone.
This would mean that assuming Ethereum’s market cap remained unchanged, XRP would need to rally by around 220% to beat ETH.
So How Realistic Is This Dream?
Despite XRP needing to more than double while Ethereum remains stagnant, market analysts are confident that this could happen.
One of these is EGRAG Crypto, who believes that a $7.5 price level is coming for XRP once it breaks through its most important resistance levels.
He even calls this event as XRP crossing the “Genuine Wake-Up Line.”
Other experts have also presented similar thoughts, with analysts from Sistine Research noting that XRP beating Ethereum is “much closer than you think.”
They even estimated that this could happen if XRP were to ever hit $4.36.
Moreover at $21, it might even challenge Bitcoin.
Is Hitting $21 — $70 Even Realistic?
Analysts have gone further than the $5 predictions for XRP.
Dark Defender for example, believes that when XRP flips Ethereum, it could hit a market cap of $300 billion.
This would mean that its price might be somewhere around $5 and $6 per token.
In an even more extended scenario, the cryptocurrency’s market cap could continue further up to the $1.1 trillion mark and put prices at $20.
In an ultra-bullish case, the a $4 trillion market cap could push XRP towards $70.
These levels are highly speculative, considering how only Bitcoin is currently above the trillion dollar market cap line.
However, XRP achieving these levels would require several more years of institutional adoption, regulatory clarity and much more.
