XRP price has the potential to reach double digits if XRP regains the percentage of Bitcoin market cap it held in 2018 before the SEC lawsuit.
Amid a broader market pullback from the Federal Reserve’s hawkish policies attitude XRP has suffered a severe blow to the economy. The altcoin’s price collapsed from a high of $2.72 on December 17 to a low of $1.96 on December 20, marking a massive 28% decline in four days.
XRP rebounded from the $1.96 low as a result The strong support at this level, a region that before acted as resistance. Despite the recovery, XRP price is still down 25% from its high of $2.72 and is currently around $2.16 as of press time.
XRP price is underperforming while Bitcoin is thriving
At this price, XRP’s market cap is $132 billion, according to data from TradingView. It is worth noting that XRP reached its highest-ever market valuation of $165 billion on December 3 as its price rose to a seven-year high of $2.9. The previous peak was $128.5 billion in January 2018.
Although this cycle’s valuation is higher than the 2017/2018 valuation, it represents a much smaller portion of Bitcoin’s market capitalization. For comparison, in January 2018, when XRP’s market cap reached $128.5 billion, Bitcoin was worth $260.05 billion. This suggests that XRP captured 49.4% of it The market capitalization of BTC at the time.
This relationship went further back significantly as the XRP price has faced turbulence over the years while Bitcoin has thrived. Additionally, the SEC lawsuit that began in December 2020 exacerbated XRP’s underperformance, causing the asset to miss the 2020/2021 bull market.
In the midst of this ongoing Underperformance
