XRP price can potentially reach unprecedented highs if its path trails Bitcoin (BTC) should the premier crypto hit $2.9 million, as predicted by VanEck.
The crypto market has recently hit a roadblock, with Bitcoin and other assets facing major declines. Consequently, XRP has given up the $0.60 and $0.50 psychological thresholds, triggering angst among seasoned and new investors.
Despite the downturn, market veterans believe Bitcoin would eventually recover from the market crash. Such a recovery is expected to spill into the broader market, causing assets like XRP to rebound. For instance, veteran trader Peter Brandt seesan imminent “pump” toward the $90,000 region.
VanEck Predicts Bitcoin to Hit $2.9M in 2050
In addition, the long-term outlook for Bitcoin remains bullish, as evidenced by multiple predictions. One such prediction recently came from leading asset manager VanEck. Notably, in a report last month, VanEck speculatedthat BTC could potentially reach an ambitious $2.9 million by 2050.
Such a value would represent a substantial increase from Bitcoin’s current value. Interestingly, this rise is likely to impact the rest of the market, with XRP likely to benefit from it. This is due to the close price correlation that exists between Bitcoin and altcoins like XRP.
While the relationship can be detrimental to XRP’s growth in times of market downturn, it can also benefit the altcoin when Bitcoin sees a rebound. Bitcoin has recovered from the $50,000 level it retested earlier, now knocking at $55,000. Consequently, XRP has also rebounded, looking to breach $0.50. CoinMarketCap data confirms this close price correlation.
XRP Price if BTC Reaches $2.9M
As a result, if Bitcoin hits $2.9 million, XRP could witness a similar growth rate. For context, Bitcoin now changes hands at $54,754, down 19% over the past seven days. From this level, an increase to $2.9 million in 2050 would require a 5,215% jump within 26 years. Given Bitcoin’s historical growth rate, such an increase remains feasible.
However, XRP trades for $0.4939 at the reporting time, having dropped by 18.16% in the last week. If XRP follows Bitcoin’s trajectory over the next 26 years amid BTC’s rise to $2.9 million, the altcoin’s price could reach $25.7945 in 2050.
While this price level looks ambitious, some market analysts expect XRP to surpass this point in a shorter timeframe. For instance, analyst Javon Marks expects XRPto spike to an audacious $150 price level. He based his analysis on a breakout from a multi-year downtrend.