YouTube channel The Mango Way made a video to explain why Ripple’s XRP could spike to $23. This is a follow-up to an earlier video where the crypto analyst predicted that the XRP price would rally to $23 following a key breakout.
The analyst addressed a concern about whether XRP can break above its last cycle high of $0.2, which has become a psychological level for many holders.
The analyst said that the previous market cycles in 2018 and 2021 were marred by FUD (fear, uncertainty, and doubt). These emotions affected the price of XRP through its investors’ decisions.
Now, the FUD has calmed, and the price of XRP has a higher chance of breaking above its previous all-time high.
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Why XRP Price Spike to 23 Is Possible
The speaker explains that the $23 target is not just a random number. It’s based on what happened in the past. They suggest looking at the $23 target as a percentage rather than just the actual price.
XRP’s last big spike happened in 2018 when it went up to $3.55 during a bull market. The entire crypto market, including Bitcoin, was going up. At that time, BTC spiked from $199 to $20,000.
The crypto analyst points out that XRP’s increase was part of a wider market trend. If a similar market-wide bull run happens again, XRP could have a similar or even bigger percentage increase.
XRP Market Capitalization Analysis: Addressing Skepticism Around $23
Some people don’t believe that the price can rise to $23. It will take the market cap to $1 trillion, which they see as unrealistic.
The market cap is found by multiplying the amount of XRP in circulation by the current price. As the price of XRP goes up, its market cap will increase.
However, the analyst argues that if XRP reaches $23, the price and total value of Bitcoin will also rise, making direct comparisons between the two less meaningful.
The analyst looks back at the 2018 cycle, noting that XRP’s total value reached $148 billion, which was about 45% of Bitcoin’s total value at its highest point ($328 billion). This past ratio provides a basis for thinking about what might happen if XRP reaches $23 in the current cycle.
The Math Behind the $23 Target
The analst dives into the math to show how the $23 target could be achieved based on historical data and market trends. If XRP were to reach $23, its market cap would be approximately $1.29 trillion.
To make this scenario plausible, they calculate what Bitcoin’s price might be if this market cap ratio holds. The math suggests that Bitcoin could be priced at around $145,200 if XRP reaches $23.
This price would make XRP’s $23 target seem much more reasonable within the context of the entire crypto market’s growth.
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The $23 target for XRP isn’t outlandish if one considers the broader market dynamics and historical trends. It’s positioned as a reasonable outcome in a bullish market where Bitcoin also sees significant gains.
The presenter is careful to note that just because $23 is a possible target doesn’t mean investors should buy XRP at the current price. They caution against jumping into the market without a solid strategy.
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