XRP prices have soared to a level not seen in seven years, fueling discussions on whether the cryptocurrency can surpass Bitcoin. In this context, WisdomTree's report raises intriguing questions about Ripple's future.
Ripple Reaches New Heights
Currently, XRP is trading at $3.66 with a market cap of $216 billion, making it the third-largest cryptocurrency following Bitcoin and Ethereum. Bitcoin, meanwhile, maintains its dominance with a market cap exceeding $2.3 trillion, leaving a gap of over $2 trillion.
Long-Term Outlook for XRP
According to WisdomTree's report, XRP is seen not just as another altcoin, but as a core component of a long-term crypto strategy, particularly when paired with Bitcoin. XRP stands out for its utility, speed, and energy efficiency, as well as its low correlation with other major cryptocurrencies. WisdomTree is also exploring the possibility of launching XRP ETFs, signaling increasing confidence in its long-term outlook.
Can XRP Overtake Bitcoin?
WisdomTree posits that XRP would need to surge about 20X to match Bitcoin's market cap. With XRP's current price at $3.66 and a circulating supply of 59 billion tokens, achieving such a surge would push its price to over $73, giving Ripple a market cap around $4.26 trillion. However, to simply match Bitcoin's current cap, XRP would only need to rise to about $40.
The discussions around Ripple overtaking Bitcoin continue amid a notable market cap gap. XRP's further development will likely hinge on institutional interest and broader adoption of its network in the banking sector.
