Pi Network price price has dropped by more than 23% today, March 21, and fallen below $1 for the first time in one month. However, despite this decrease, the Pi Coin community remains bullish that the price will recover, leading to a significant growth in market cap. In this article, we look at how high Pi Network token could go if it reaches the XRP market cap.
Pi Network Price If It Reaches XRP Market Cap
Today’s steep decline in Pi Network price has pushed its market cap to $6.24 billion. In contrast, XRP has the second-largest market cap among altcoins of $138 billion. This means that Pi Coin would have to undergo a parabolic rally to compete against XRP.
The market cap of crypto assets is measured using the price and supply. For context, Pi Coin has a total supply of 10 billion coins. Therefore, if Pi Network price were to reach a $138 billion market cap, it would have to surge to $13.80.
Pi Coin has a history of making independent rallies when the rest of the crypto market stalls. Therefore, attaining the $13.8 price target when the XRP market cap remains constant at $138 billion is likely. However, if XRP also hits an ATH market cap of $186 billion, Pi Network price would reach $18.6 to equal Ripple’s market cap.
Can Pi Coin Rally to $13?
There are multiple reasons why Pi Coin price can rally to $13 and reach the XRP market cap. Speculation is rife that Pi Network is currently working on launching a cryptocurrency exchange. According to reports, the launch is likely in its final stages.
Pi Network Exchange
If these reports are true and the Pi Coin exchange debuts, a rally to the $13-$18 price range is realistic. This launch will boost utility for the Pi Network token and help in increasing investor confidence.
The other catalyst for such a rally is a possible listing of Pi Network on major exchanges like Binance, Coinbase, and Kraken.
Lastly, a Coingape analysis revealed that a Pi Coin ETF might debut in the US, considering that it is a US-based coin. If any asset manager were to file for this product, Pi Network price is likely to surge past $13.
Pi Network Technical Analysis
The possible Pi exchange launch, upcoming exchange listing, and the likelihood of a Pi Coin ETF filing support a bullish Pi Network price prediction. However, for a parabolic rally to occur, Pi Coin would have to defy the bearish outlook on its 4-hour price chart.
Pi Coin dropped to an oversold region after the over 20% drop in the last 24 hours. The RSI is reversing to the upside, which is an indication 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.
PI/USDT: 4-Hour Chart
Therefore, if Pi Network price were to rally amid bullish factors like rising utility and institutional interest, it is likely that its market cap could balloon past $100 billion. However, to flip the XRP market cap, it has to rally to between $13 and $18.
The post What Would Pi Coin Price Look Like if Pi Network Reaches XRP Market Cap? appeared first on CoinGape.
