XRP wants to move higher in 2024. Silver wants to move higher in 2024. Interestingly, both XRP and silver have similarities on their chart. This is noting knew, we pointed to this correlation already many years ago. It is just that the chart setups of both XRP & silver are so strongly correlated that it is ‘almost a given’ that both will move higher in 2024.
Market sizes of XRP and Silver
Before looking into the charts, we share a few data points that help us understand the market size of both assets.
XRP has a market cap of $32.8 billion at the time of writing (XRP price at 0.61 USD). The fully diluted market cap of XRP is closer to $61 billion. The total value of all cryptocurrencies combined is $1.38 trillion, so XRP has a share of 2.3% against the total crypto market cap.
The estimated value of all silver in existence is around $600 billion (silver price at 23 USD/oz). This is based on the total silver mined, to date, which is some 1.4 billion kg of silver, taking into account that silver corrodes and just under half of that silver no longer exists as a metal.
The largest silver ETF (SLV) is worth some $10 billion at the time of writing.
The current value of all silver held in all silver ETFs in the world would come close to the current market cap of XRP. This is an approximation, simply to highlight that both their chart and order of magnitude of the invested value have similarities.
Long term XRP chart, secular silver chart
We have covered the longest timeframes of both XRP and silver, extensively in fact, even in the public space (much more so in the premium services).
We emphasized the unusually strong long term chart structure of XRP, particularly in the following articles:
Moreover, when it comes to silver, we emphasized that silver has the longest bullish reversal pattern (maybe ever). We explained this in the following articles:
XRP and Silver – daily chart
The chart featuring both XRP and silver highlights similarities, especially the shape of the bullish reversal pattern that both exhibit.
The chart shows that XRP has doubled in value this year, while silver is on the verge of confirming a secular breakout. This solid performance underscores the upside potential these investments.
Looking at the correlation between XRP & silver, we can draw some interesting conclusions. While they are different assets with distinct characteristics, their price movements seem to align in a way that suggests a positive correlation. This correlation implies that as XRP continues its upward trajectory, silver is likely to follow.
Given the strong positive correlation between both assets, we expect that both will continue to move higher in 2024.
Forecast 2024: XRP and Silver will both move higher
The year 2024 will be pivotal for both silver and XRP investors. Our earlier XRP and silver forecasts, met with skepticism at the time, is gradually being validated by the solid performance of these assets. The chart showcasing the correlation between XRP & silver highlights the possibilities that lie ahead for investors.
While current market condition in crypto may have already propelled XRP somehow higher, the best is yet to come. The same applies to silver: after an epic rise in rates, particularly 10-Year Yields, one of historical proportions, it looks like rates are coming down which opens the door for silver to finally stage its long-awaited and long-overdue breakout.
Both silver and XRP offer unique opportunities for growth and diversification. By considering these assets within the broader context of their respective markets, investors can position themselves for long-term success.
In summary, the year 2024 holds tremendous promise for silver and XRP investors. As we observe the positive correlation between both assets, becomes clear that there is potential for substantial gains.
By staying informed and strategic, investors can capitalize on the exciting opportunities presented by silver and XRP.