Applying Bitcoin’s Peak-to-Peak Multiples on XRP Puts the XRP ATH at $24

Applying Bitcoin’s peak-to-peak multiples across the past two bull runs on XRP puts XRP’s implied all-time high price in double digits.

Prominent market commentator Jungle Inc. recently argued that XRP could have already crossed the $24 price mark if the SEC lawsuit had not interrupted its growth during the last major bull market.

XRP Could Have Reached $24 Without the SEC Lawsuit

In an analysis, Jungle Inc. said XRP missed out on what should have been its 2021 market cycle. According to him, the SEC filed its lawsuit against Ripple just as Bitcoin began a major repricing phase. 

In an attempt to estimate where XRP might have traded under normal market conditions, he applied Bitcoin’s actual peak-to-peak growth multiples from recent cycles to XRP’s previous all-time high.

The analysis used Bitcoin’s 3.49x peak-to-peak gain from the 2021 cycle and its 1.83x gain from the 2025 cycle. When the market analyst applied these multiples to XRP’s 2018 record high of $3.84, the result led to a potential all-time high of about $24.50.

Jungle Inc. stressed that this figure is not based on unrealistic expectations. He argued that it simply follows the same path Bitcoin already took, while XRP spent much of that period dealing with legal challenges instead of benefiting from normal market-driven price discovery.

XRP Once Outperformed Bitcoin by a Wide Margin

Notably, XRP’s strong performance during the 2017 bull market confirms its potential to have recorded massive gains in 2020/2021. Specifically, in 2017/2018, XRP outpaced Bitcoin by a significant margin, even though its rally began later than much of the broader crypto market.

The XRPBTC trading pair climbed from 0.00000470 in March 2017 to 0.0002296 by January 2018. This move represented a gain of 4,785% against Bitcoin in less than a year.

During the same period, XRP surged to around $3.80 in January 2018, setting its contested all-time high. The performance showed XRP’s ability to generate stronger returns than Bitcoin during favorable market conditions.

However, the market eventually turned lower, and both assets suffered steep declines as the bull run came to an end.

Legal Troubles Prevented XRP From Joining the 2021 Rally

By December 2018, Bitcoin had fallen 84% from its cycle peak of $19,666 to $3,122. XRP experienced a larger drop, falling 96% from its high and reaching $0.1140 by March 2020. However, this confirmed that the downturn was not unique to XRP.

As the crypto market began recovering later in 2020, XRP initially followed the broader uptrend. However, the recovery faced a major setback when the SEC filed its lawsuit against Ripple in December 2020.

The legal action triggered delistings and heavy selling pressure across several exchanges in the United States and Canada. Essentially, these developments created a unique obstacle for XRP and prevented it from fully participating in the broader market rally.

The lawsuit continued to weigh on XRP throughout the 2021 bull market, limiting its ability to reach new highs while many other crypto assets saw strong gains.

XRP Could Now Eye Higher Prices

Currently, XRP trades at $1.13, which leaves it about 70% below its 2017/2018 peak. Bitcoin, on the other hand, trades at $63,600 and remains about 223% above its 2017/2018 high. 

This shows how Bitcoin has moved well beyond its previous peak while XRP remained below its record level after missing much of the market growth that occurred between early 2020 and late 2024.

Jungle Inc. believes the situation has changed since then. He noted that the SEC lawsuit has now been resolved, spot ETFs are already trading, and institutional infrastructure continues to grow across the crypto industry.

As a result, the analyst suggested that XRP could reach the low-to-mid $20 range even if adoption only grows at an average pace. He argued that stronger adoption could push prices even higher as market valuations adjust upward.