If the broader market experiences a rally that ultimately pushes the Shiba Inu price up 10,000%, XRP could reach double digits.

Despite XRP and Shiba Inu being in different market segments, their price movements are often in line with the broader cryptocurrency market. Notably, this is mainly due to the correlation that exists within the cryptocurrency market as it lags behind the price action of Bitcoin (BTC).

XRP and Shiba Inu often lag the broader market

While Shiba Inu and XRP have moved in roughly the same direction this year, a trend observed across the top 20 crypto assets, the speed of their price movements has differed significantly.

It is worth noting that SHIB often experiences sharp drops and sharp rises because, as a meme coin, it is more volatile, while XRP, an asset in the payment field, is relatively stable. This is confirmed by data from Sentiment, where SHIB’s current 4-week volatility is 0.14, while XRP’s volatility is 0.054.

XRP and Shiba Inu volatility | Santiment

As both Shiba Inu and XRP have continued to move in the same direction for the better part of a year, a bullish market prediction for one could theoretically translate into similar price action for the other, albeit to a different degree.

Despite Shiba Inu’s poor performance in recent weeks, its price has stabilized at around $0.000017. Shortly after the Ethereum ETF was approved in July, SHIB was trading at $0.000016, with market analyst Ava Monaro listing the meme coin as one of several assets that could potentially achieve 10,000% or 100x gains.

If Shiba Inu Rises 10,000%, XRP Price Could Rise

As an integral part of the cryptocurrency market, the broader market must have entered a bullish phase before the Shiba Inu was able to record gains of up to 10,000%. XRP could also take advantage of this bull run to record its unique gains.

In this scenario, XRP’s gains would likely be much lower due to its limited volatility. However, assuming XRP only achieves 40% of the 10,000% gain proposed by SHIB, the altcoin would surge 4,000%.

XRP is currently trading at $0.5304, and a 4,000% increase would take its price to $21.7, a new double-digit all-time high. With a circulating supply of 56 billion XRP, a price of $21.7 would give it a staggering market cap of $1.215 trillion, higher than Bitcoin’s current valuation.

Interestingly, multiple analysts have also predicted that XRP prices could rise to around $20. In May, Javon Marks suggested that a bullish breakout in XRP could push prices to $15 to $20. Earlier this month, another market commentator, ModernInvest, said it would be strange if XRP failed to reach $20 in this bull run.