- Bitwise CIO says economic uncertainties are currently suppressing Bitcoin and altcoin markets.
- Strong price correlation between Bitcoin and XRP supports XRP’s bullish long-term outlook.
- Ripple stands to significantly benefit from the mainstream adoption of XRP in the coming years.
The short-term crypto bearish sentiment has not deterred investors from anticipating a parabolic bull market in the near future. According to Bitwise CIO Matt Hougan, the Bitcoin price should be trading between $150k and $200k, fueled by the game-changing, robust fundamentals, especially in the United States under President Donald Trump.
Hougan, however, believes that the crypto market has suffered short-term suppression due to the notable economic uncertainty. Nonetheless, Bitwise remains confident in the macro bullish outlook, whereby the asset manager predicts that the BTC price will surpass $1 million by 2035.
How Will XRP Price Benefit from Bitcoin’s Macro Bullish Outlook
The price correlation between digital assets and global commodities has increased concurrently with the notable surge in the former’s demand from institutional investors. Bitcoin price has, over the years, benefited from the Gold rally, and the altcoin market has heavily benefited from BTC’s bullish outlook.
According to market data from Macroaxis, the XRP price has recorded a high correlation with the Bitcoin price during the last few months. As such, the high XRP price correlation with Bitcoin during the recent crypto rally is expected to bode well with the altcoin’s future bull markets.
How High Can Ripple Price Hit Between 2025 and 2035
To roughly predict XRP price for the next ten years, it is therefore prudent to compare with Bitcoin and consider the diminishing returns. According to a recent report from Bitwise, the Bitcoin price is well-positioned to grow and reach a range of between $1.3 million and $2.97 million per coin by 2035.
Considering that Bitcoin price has been trading around $110k in the past few weeks, a rally to the prediction peak of $2.97 million would result in a 2,700% surge. As such, XRP, which has a way smaller fully diluted valuation of about $280 billion compared to BTC’s $2.2 trillion, is well-positioned to record a rally that averages 5000% in the next 10 years. With XRP price trading around $2.82 on Saturday, September 6, a 5000% rally would push the altcoin to $141.
Why Is XRP Attracting Institutional Investors?
The XRP market has attracted significant attention from institutional investors. In August, CME Group reported that its crypto futures surged $30 billion, partially helped by the fast growth of XRP futures beyond $1 billion in just over three months.
By the end of August, more than a dozen fund managers had filed their S-1 forms for the spot XRP ETFs application. Meanwhile, several firms have publicly announced that they will develop an XRP treasury portfolio.
The rising demand for XRP by institutional investors is backed by the mainstream adoption of altcoins, bolstered by favorable regulatory environments in major jurisdictions. Additionally, the upcoming approval of the Clarity Act by the U.S. Senate will have further positive implications on the XRP macro bullish outlook.
Related: BlackRock’s Presence at Ripple’s Event Sparks Speculation on XRP ETF Future
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