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Crypto analyst Kenny Nguyen has issued a bold forecast for XRP, predicting the token could surge to between $22 and $50 once the first wave of spot XRP ETFs launches in the U.S. market. With XRP currently trading near $3.10, this implies potential gains of 607% to more than 1,500%. At the top end, XRP’s market capitalization could climb to nearly $3 trillion, up from its present level of about $186 billion.

The bullish outlook stems from expectations that regulated XRP ETFs will dramatically improve investor access, attracting both institutional and retail inflows. Unlike Ethereum, which offers staking yields that may lessen ETF appeal, XRP lacks staking rewards—potentially making it a cleaner and more attractive ETF product. Steven McClurg, CEO of Canary Capital (a firm seeking approval for an XRP ETF), has emphasized XRP’s global payments use case and large user base as key drivers of future demand.

Several valuation models highlight the upside. Analyst Dom’s multiplier model projects a 272x growth factor, which would bring XRP’s market cap to $1.546 trillion, or about $26 per token. A more conservative model, assuming XRP captures 35% of Bitcoin’s ETF inflows, points to a $1.76 trillion valuation and a price near $30. Even modest inflows—such as $11.7 billion or $5.85 billion—could support prices of $22.20 and $12.23, respectively.

The regulatory backdrop further supports optimism. Bloomberg analysts now see a 95% chance of U.S. approval for XRP ETFs, while prediction markets assign 80%–88% odds for 2025. Major firms including 21Shares, Bitwise, Grayscale, and WisdomTree are awaiting SEC decisions expected by October. Approval would mark a watershed moment for XRP, similar to how Bitcoin and Ethereum ETFs influenced their respective markets.

Meanwhile, XRP’s market momentum has already strengthened: its market cap has grown from $28 billion to $181 billion in just five months. On-chain data shows rising whale activity and wallet profitability, with some analysts setting a $10 target based on current accumulation. Still, caution flags remain, as indicators like the Net Unrealized Profit/Loss ratio suggest XRP may be nearing a local top.

Beyond XRP, the broader crypto market is also expanding. Altcoins have crossed the $1.2 trillion mark, hinting at an altcoin season, though analysts note that the traditional definition—most altcoins outperforming Bitcoin—has not yet been met.

Institutional adoption is also advancing. Ripple has applied for a national trust bank charter and acquired Rail, moves that could enable custody services, stablecoin issuance, and regulated settlement offerings. These steps underscore Ripple’s ambition to cement XRP’s institutional role.

Ultimately, the approval of XRP ETFs could act as a powerful catalyst, bridging institutional and retail demand through a familiar regulated vehicle. The months ahead will determine whether Nguyen’s bold $22–$50 target materializes, with the outcome hinging on regulatory decisions and real-world investor appetite.