XRP: The Tesla of the Crypto World?
In a recent social media post, well-known market analyst Matt Hughes made a bold comparison between XRP and Tesla (TSLA). By drawing parallels between the two, he suggests that XRP’s price trajectory might soon mirror the explosive growth Tesla experienced in the 2010s.
XRP Mirroring Tesla’s Early Days
Hughes shared a chart that highlights how XRP’s current price levels align with Tesla’s price trajectory back in the early 2010s. Initially, Tesla was considered an underdog in the automotive industry. However, it has since become a dominant force, with its stock price skyrocketing from a few dollars to over $414 before stock splits. This meteoric rise rewarded early investors with massive returns. As of today, Tesla’s price stands at $238.25, representing an astounding 18,710% profit for its earliest investors.
Hughes projects that XRP is currently in a similar phase, poised for a breakout that could lead to significant long-term gains. He indicated on the chart where XRP stands in comparison to Tesla’s historical performance, marking the bottom point before Tesla hit an all-time high. Although Tesla’s performance from 2010 to 2019 might initially appear flat, its value grew more than tenfold during this period, from around $1.70 to above $16 by August 2019. Subsequently, Tesla’s stock began a massive price surge, depicted by a towering wave on the historical chart from 2019 to its all-time high in 2021. Remarkably, Tesla rallied from a low of $14 in 2019 to $414 in just two years, registering an extraordinary 2,857% price growth.
XRP On its Way To A Fresh All-Time High?
Hughes’ opinion that XRP could be the Tesla of the 2010s in the crypto world underscores that while XRP might not currently be in its best form, it could be gearing up for a major rally to a new all-time high. As of now, XRP is trading around $0.586. This might represent XRP’s bottom point before a potential breakout within the next few years. Strikingly, if XRP manages to achieve a significant 2,857% price growth akin to Tesla’s, it could surpass the $17 level.
