Analyst: XRP Has the Potential to Be The Tesla of the Crypto World
In a recent post on X post shared, Hughes drew a notable comparison, likening the current position of XRP to the early days of significant growth for TSLA. The comparison, illustrated through a chart shared by Hughes, suggests that XRP may be on the cusp of a surge in value similar to that experienced by Tesla in its initial stages.
Overview of the Chart
The chart emphasizes the alignment of XRP’s current price levels with Tesla’s price trajectory in the early 2010s, showcasing Tesla’s transformation from an underdog in the automotive industry to a dominant force.
Before stock splits, Tesla’s stock price soared from a few dollars to over $414, yielding substantial returns for early investors. As of today, TSLA’s price stands at $238.25, representing an extraordinary 18,710% profit for its earliest investors.
Hughes posits that XRP is currently in a comparable phase, potentially poised for a breakout that could result in substantial long-term gains. The chart points out where XRP currently stands in comparison to Tesla’s historical chart, highlighting the bottom point before TSLA surged to an all-time high.
Upon reviewing Tesla’s historical chart, it becomes apparent that its performance initially seemed lackluster, displaying relatively flat progression between 2010 and 2019. However, during this period, its value grew more than tenfold, from around $1.70 to over $16 in August 2019. Subsequently, it embarked on an explosive price growth, as depicted by a significant surge on the historical chart from 2019 to an all-time high in 2021. Specifically, from a low of $14 in August 2019, TSLA rose to $414 in two years, reflecting an impressive 2,857% price growth.
Hughes’ notion that XRP may resemble the TSLA of the 2010s in the realm of cryptocurrencies aims to underscore the potential for XRP to undergo a major rally, propelling it to a new all-time high, despite its current underperformance in the market.
Price Action
At present, XRP currently trades at approximately $0.5872. The analyst views this level as a bottom point before a potential surge to a new all-time high in the coming years, akin to TSLA’s trajectory. Significantly, a comparable 2,857% price growth from XRP’s current position could propel the asset above $17.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
