- XRP enjoys a market cap of nearly $29 billion, which has seen it rank as the 6th largest cryptocurrency in the market.
- If XRP can attract 1% of the total crypto market, this could propel the asset to new heights and see current holders enjoy gains of around 55%.
The XRP community, commonly referred to as the ‘XRP Army’, is fairly optimistic about the altcoin’s performance in 2024. Their optimism is based on the SEC v. Ripple case seemingly concluding, with most experts seeing it going one of two ways: the two parties settling with Ripple incurring a penalty or Ripple getting a straight-up win in court.
Once the case is settled, there is speculation that Ripple might look to go public, with experts offering a conservative $11 billion company valuation. Another key development could come in the form of an XRP spot ETF. With a Bitcoin spot ETF already approved and attracting billions in institutional investment, an Ethereum spot ETF and an XRP spot ETF are imminent. For XRP, the altcoin is the only one that enjoys regulatory clarity, a key point for institutional investors looking to invest in crypto ETFs.
The altcoin has also been enjoying investor interest; crypto exchanges listing or relisting the tokens and offering various XRP-related products thanks to its legal clarity. As CNF recently reported, U.S.-based cryptocurrency exchange Gemini has unveiled XRP perpetual contracts for traders worldwide.
At the time of this writing, XRP is trading at $0.5327 after a 1% surge in the last 24 hours. On the weekly charts, the altcoin is down by nearly 3%. Its short-term trend has been part of a wider trend set by Bitcoin (BTC).
With investors expecting a bullish year, it is clear that XRP’s potential is great. If XRP can capture just 1% of the total crypto market, which stands at around $1.56 trillion, the altcoin’s value would increase by around $15.6 billion. This would see the token’s market cap reach $43.53 billion. This is slightly higher than the market cap held by BNB, which is ranked fourth in the market.
For perspective, XRP, with its $28 billion market cap, accounts for around 1.790% of the overall crypto market. This is a significant achievement, but it further proves that XRP attracting an additional 1% is not farfetched.
Based on the 54,374,512,255 circulating supply of XRP, this addition would see the altcoin trade at $0.800 per unit. Current holders would, in turn, enjoy a 55% gain. Interestingly, XRP last reached the $0.8 threshold in July 2023. This was a consequence of its legal victory after the judge ruled the altcoin not to be a security, contrasting the SEC accusation.
Obviously, this is still lower than the token’s all-time high of $3.45, reached about 6 years ago. Investors remain confident that this all-time high will be tested in the next bull market, which could take place this year.
