Well-known market analyst Matt Hughes has made a bold statement by comparing the cryptocurrency XRP to Tesla stocks in the early 2010s, predicting a similar sharp rise in its value.
Comparison with Tesla
In a recent post, Hughes drew parallels between XRP's price dynamics and Tesla's historical price trajectory. The analyst believes that XRP's current price levels are similar to Tesla's early levels, which started as an underdog in the automotive industry and eventually became a dominant force.
Tesla's Price Dynamics
Tesla's stock price skyrocketed from a few dollars to over $414 before stock splits, bringing massive profits to early investors. As of today, TSLA's price is $238.25, representing an 18,710% profit for initial investors. Hughes points out that XRP is in a similar phase, poised for a breakout that could lead to significant long-term gains.
XRP Outlook
XRP is currently trading around $0.586. Hughes believes this could be the bottom point for XRP before a potential sharp rise in value. If XRP achieves a similar 2,857% price growth as Tesla, it could surpass the $17 level.
Analyst Matt Hughes sees similarities in the growth dynamics of XRP and Tesla. He indicates that the current state of the cryptocurrency might be the starting point before a potential significant rise in its value soon.
Comments