By Michael Scott
Prominent pro-crypto legal expert John Deaton is optimistic that XRP market value will hit $100B.
John Deaton’s recent X post indicated that XRP is headed for the ambitious $100 billion market value. The optimistic prediction emerges following the 30% rally by XRP on Friday to cross above $1.50. The uptrend enabled XRP to chart a $1.08 – $1.60 seven-day range, lifting its market value above $83 billion per CoinGecko data.
Deaton’s bullish outlook affirms his support for the digital assets industry transcends beyond the pursuit of justice. His tweet acknowledges changing times, with XRP leveraging positive sentiment to attain the elusive $100 billion cap.
Deaton’s bullish outlook is echoed by other crypto community figures, led by attorney Bill Morgan. The latter cites the impressive price action to indicate the $100 billion figure is inevitable during the ongoing bull run.
XRP Price Translating to $100B Cap
The path to $100B market value would necessitate a nearly $17 billion addition to the current value. The chart shows that while XRP is 147.0% up in its 14-day run, it has witnessed mild 0.5% intraday gains to change hands at $1.46. The current price translates to $83.4 billion, approximately $16.6 billion shy of Deaton’s forecast.
The path to match $100 billion necessitates XRP to sustain the upward trajectory in its price. Interestingly, XRP’s bullish steam is evident in its sharp valuation increase that has nearly tripled from $33.5 billion on November 10 when exchanging at $0.5903.
The sustained bullish momentum portrays what seemed an ambitious $100 billion target for XRP is now within reach. Essentially, the targeted valuation corresponds to a $1.756 price level for the XRP, still below the 2021 peak.
A reflection on the peak in April 2021 shows the $1.96 price yielded $83.5 billion in market cap. The smaller circulating supply of XRP, unlike the 56.998 billion, explains why the market value remained below $100B.
It is worth indicating that XRP has realized the $100 billion valuation in the past. Specifically, XRP traded within the $3 range on January 2-8, 2018. At the time, XRP had a superior valuation edge over Ethereum. Matching this price would double the present market cap to $167 billion, ranking it as the third-largest crypto, trailing Bitcoin and Ethereum.
XRP Tops Weekly Performance
The latest market conditions position XRP among the top performers, notably as its gains are up 181.8% over the past month, per CoinGecko data. Also, none of the large-cap crypto has attained gains similar to the dramatic 30% uptick on Friday.
The XRP staged an impressive rally while Bitcoin charted a new high past the $99,600, just a few hundred shy of the $100K.
Over the past week, the $1.60 price ceiling is the highest XRP has attained in three years, last witnessed during the 2021 bull cycle. The leap picks from Friday’s uptrend to position XRP on track to exceed the 2021 cycle high of $1.96.
Despite the XRP surge of 135.8% over the past year, the price is still 57% below the all-time high of $3.40. Matching this price elevates the market value closer to $200 billion. Meanwhile, the weekly chart shows the price increase by 25.70% in the last 7 days, outperforming the global crypto market cap up 8.80% to $3.55 trillion.
Meanwhile, the trading volume is up 10.5% from a day ago to $12.14 billion to signal a recent surge in market activity. With XRP portraying a strong determination to blast the 2021 cycle high, analysts are optimistic that the journey to a new peak has already begun. The accelerated pace would deliver a new peak faster than expected.