If XRP manages to regain just half of its previous market dominance, its prices could potentially hit an all-time high.
The cryptocurrency market has witnessed significant growth over the years. From a mere $4.28 billion a decade ago, it has ballooned to roughly $3.28 trillion today. That’s a staggering increase of about 76,528% over ten years, illustrating how expansive the crypto space has become. In essence, assets in the market are increasing at a remarkable pace.
XRP Is Not Keeping Up
However, not all cryptocurrencies are seeing similar growth. One notable exception is XRP, which has struggled over the years primarily due to regulatory hurdles that have impacted its standing in the U.S.—a significant arena for crypto investments.
Looking at historical data, XRP reached its peak market dominance back in May 2017, showcasing an impressive price surge during that period. On May 17, 2017, XRP’s market cap peaked at approximately $152.8 billion, representing a 31.33% dominance when the overall crypto market cap was $48.78 billion.
At that same moment, Bitcoin had a market cap of around $29 billion, which represented a 59.45% market share. Interestingly, I had some Bitcoin back then and have watched it grow alongside the market. On the contrary, XRP hasn’t seen such comparable growth. Fast forward to now, and Bitcoin’s market cap has exploded to about $2.132 trillion—a whopping increase of 7,251% since May 2017.
Currently, XRP’s market cap stands at about $128.8 billion, reflecting a 743% increase from its figures in May 2017. Consequently, Bitcoin’s market share has risen to 65.75%, while XRP’s has fallen drastically to just 3.96%, down from that peak of 31.33% in 2017.
What If XRP Regains Its Market Share?
Right now, XRP trades at around $2.18. Many think this price is, frankly, quite low. But what happens if XRP were to regain a market share of 31.33%? Assuming the crypto market grows to $3.28 trillion, we’ve considered a more realistic scenario by simplifying and halving that dominance number.
Half of 31.33% would put XRP’s share at 15.665%. If XRP captured that proportion in a $3.28 trillion market, its market cap could reach approximately $513.8 billion. At this valuation, the price of XRP could surge to around $8.7, considering the existing supply of 59 billion tokens.
Interestingly, George Tung, the founder of Cryptosrus, suggested last month that a realistic target for XRP by the end of the year could be between $8 and $10. However, reaching the $8 target might be an optimistic scenario, as some community experts, like Xena, have pointed out that this wouldn’t be a monumental achievement.
Crucially, if XRP were to reclaim its full market dominance rather than just half, the price could ascend even higher. Specifically, if XRP’s market cap hit $1.027 trillion with a 31.33% market share, given the current crypto cap is $3.28 trillion, the price for 1 XRP could potentially reach about $17.4.
