The XRP price remained in a tight consolidation phase on Wednesday morning even as Bitcoin surged to a record high. Ripple has also hesitated despite having numerous catalysts that would have typically pushed it higher in the past.
Bitcoin price surged to a record high, and analysts expect it to have more upside going forward. One of the most popular BTC predictions, including those of companies like Standard Chartered, is that it will surge to $200,000. This article explains how high the XRP price would go if this happened.
XRP Price Target if Bitcoin Hits $200,000
All signs show the Bitcoin price is on a path to $200,000. One sign is that spot Bitcoin ETFs continued adding assets this week. These ETFs have added over $42 billion since their inception, bringing their total holdings to over $126 billion.
Furthermore, Bitcoin staking continues to thrive, with assets in the network jumping to over $9.8 billion. Some of the top players in the sector are Lombard Finance, Babylon Protocol, and Solv.
This demand growth is happening at a time when Bitcoin supply in exchanges and over-the-counter venues has plunged. As such, rising demand and falling supply show more upside.
A Bitcoin price surge to $200,000 would likely trigger more gains among altcoins, including XRP. Gains among cheap altcoins like XRP would be more pronounced as retail investors embrace the fear of missing out (FOMO).
With Bitcoin trading at $109,000, a move to $200,000 would imply an 83% surge. If the XRP price had a similar move, it would reach $4.35. This view assumes that the two assets experience similar gains, which may not hold true. For example, Bitcoin has risen by 53% in the last 12 months, while XRP has jumped by 343%.
Therefore, assuming that XRP continues to outperform, there are chances that it will hit the key resistance at $5.
Why Ripple Token Has More Catalysts
If the Bitcoin price surge continues, there are a few reasons why the XRP price may soar and cross the resistance at $5.
First, the XRP price may surge if Ripple Labs successfully acquires Circle, the creator of USD Coin (USDC), the second-biggest stablecoin. Such a move would help it achieve its goal of disrupting the financial industry faster.
Second, the odds of XRP ETF approval are high, with signs indicating that these funds will have significant inflows. For example, a recently launched leveraged XRP ETF has gained over $110 million in assets in less than two months.
Third, the XRP Ledger network will likely continue to do well, especially when the Hidden Road transactions are included.
Furthermore, Ripple Labs’ ambitions to become a better alternative to the Swift network, a move that will boost the XRP Ledger network and token burn.
