Pi Network's Price Drops 23% Amid Market Cap Speculation

Pi Network's price experienced a significant drop of over 23% on March 21, falling below $1 for the first time in a month. Despite this decline, the community remains optimistic about a potential recovery and substantial growth in market capitalization. This article explores the potential price of Pi Network's token if it were to reach the market capitalization of XRP.

Currently, Pi Network's market capitalization stands at $6.24 billion, while XRP holds the second-largest market cap among altcoins at $138 billion. For Pi Coin to match XRP's market cap, it would need to undergo a substantial rally. Given that Pi Coin has a total supply of 10 billion coins, reaching a market cap of $138 billion would require the price to surge to $13.80 per coin. If XRP's market cap were to hit an all-time high of $186 billion, Pi Network's price would need to reach $18.60 to match it.

Pi Coin has a history of independent rallies even when the broader crypto market is stagnant. Therefore, achieving a price target of $13.80 while XRP's market cap remains constant at $138 billion is plausible. However, if XRP's market cap increases to $186 billion, Pi Network's price would need to reach $18.60 to equal Ripple’s market cap.

Several factors could drive Pi Coin's price to $13 and help it reach XRP's market cap. One significant catalyst is the potential launch of a cryptocurrency exchange by Pi Network. Reports suggest that this launch is in its final stages, and if true, it could boost the utility of the Pi Network token and increase investor confidence, potentially driving the price to between $13 and $18.

Another potential catalyst is the listing of Pi Network on major exchanges such as Binance, Coinbase, and Kraken. Additionally, a Coingape analysis suggests that a Pi Coin ETF might debut in the US, given that it is a US-based coin. If an asset manager were to file for this product, Pi Network's price could surge past $13.

Technical analysis supports a bullish outlook for Pi Network's price. Despite the recent drop, the Relative Strength Index (RSI) is reversing to the upside, indicating that the altcoin may have reached a local bottom and is now making an uptrend. If traders start accumulating, the immediate resistance is at $1.17. Flipping this level decisively could cause a strong uptrend past $1.80 and later $3.

If Pi Network's price were to rally amid bullish factors such as rising utility and institutional interest, its market cap could balloon past $100 billion. However, to flip the XRP market cap, it would need to rally to between $13 and $18.