XRP has the potential to be the cryptocurrency equivalent of Tesla’s stock performance, according to renowned market analyst Matt Hughes.
Hughes made this bold comparison in a recent article on X, drawing parallels to the period marked by significant growth for TSLA.
In the commentary, Hughes shared a chart juxtaposing Tesla’s historical growth with XRP’s current position, implying that the latter could be on the verge of a similar explosion in value.
XRP’s Current Position Reflects Tesla’s Early Days
The chart shared by Hughes shows how XRP’s current price levels align with Tesla’s price trajectory in the early 2010s. Tesla, which started as an underdog in the auto industry, has since become a dominant force.
TSLA stock price soared from a few dollars to over $414 before the stock split, rewarding early investors with astronomical returns. As of today, TSLA is trading at $238.25, representing a massive 18,710% profit for early investors.
According to Hughes, XRP is currently in a similar phase, poised to take a step forward that could lead to massive gains in the long term. In the chart, he highlighted XRP’s position relative to Tesla’s historical chart, which was the lowest point before TSLA exploded to an all-time high.
Notably, looking at the historical chart, TSLA’s performance seems unimpressive at first glance, showing a relatively flat progression between 2010 and 2019. However, during this period, its value increased more than tenfold, rising from around $1.70 to over $16 as of August 2019.
From that point on, the price began to grow explosively, as seen in the massive wave on the historical chart from 2019 to an all-time high in 2021. Specifically, from a low of $14 in August 2019, TSLA surged to $414 in two years, representing a massive price growth of 2,857%.
XRP Price If It Follows TSLA’s Path
Hughes’ suggestion that XRP is most likely the TSLA of cryptos in the 2010s seeks to highlight that while XRP is currently underperforming in the market, it could be gearing up for a major rally to send it to a new all-time high.
It is worth noting that XRP is trading around $0.5831 today. The analyst views this current level as a low point before XRP potentially reaches a new all-time high in the coming years, as has been seen with TSLA.
Remarkably, a similar 2,857% growth in XRP price from the current point would send the asset above $17.
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