Matt Hughes’ Bold Comparison, Is XRP The Tesla Of Crypto?

The post Matt Hughes’ Bold Comparison, Is XRP The Tesla Of Crypto? appeared first on Coinpedia Fintech News

“XRP is quite possibly the TSLA of the 2010s of crypto”, says the well-known market analyst Matt Hughes. 

In a recent X post, Hughes made this bold comparison by drawing parallels between XRP and TESLA’s price trajectories. Hughes shared a chart comparing Tesla’s historical growth with XRP’s current position, indicating that XRP might soon witness a similar explosion in value.

XRP Mirroring Tesla’s Early Days

The chart highlights how XRP’s current price levels align with Tesla’s price trajectory back in the early 2010s. Tesla, which initially started as an underdog in the automotive industry, has now become a dominant force.

Its stock price skyrocketed from a few dollars to over $414 before stock splits, which earned early investors with gigantic returns. As of today, TSLA’s price is at $238.25, which represents a massive 18,710% profit for earliest investors.

Hughes projects XRP to be in a similar phase currently, all set for a breakout that could lead to massive long-term gains. Notably, he pointed in the chart where XRP currently stands in comparison to Tesla’s chart, which was the bottom point before TSLA hit an all-time high.

While TSLA’s performance might not appear impressive at first glimpse, which shows a flat advancement between 2010 and 2019, however, during that time its value had grown more than 10x from around $1.70 to above $16 in August 2019. Thereafter, it began a massive price growth which is depicted by the towering wave on the historical chart from 2019 to an All-time high in 2021. Remarkably, TSLA rallied from a low of $14 in 2019 to $414 in two years, registering a tremendous 2,857% price growth. 

XRP On its Way To A Fresh ATH?

Hughes’ opinion that XRP could be the TSLA of the 2010s of cryptos, highlights that while XRP currently might not be in its best form, it could be gearing up for a major rally to a new all-time high.

XRP is currently trading around $0.586 as of writing. This could be XRP’s bottom point before it could potentially break out within the next few years. Strikingly, if XRP manages to achieve a significant 2,857% price growth like TSLA, it could cross the $17 level.