This article is also available in Spanish.
A recent tweet from Uphold, a digital currency platform, has caused skepticism and excitement among the XRP community. The tweet jokingly stated that “XRP just hit $1,000,” prompting much speculation about the feasibility of that price point.
While some enthusiasts support the idea, many critics quickly dismissed it as unrealistic, citing the increase in market capitalization that would be required for XRP to reach that level.
At the time of writing, XRP is trading at around $0.64. A massive price increase that has left many confused is necessary for the altcoin to reach $1,000.
Related Reading
XRP: The Argument for the Rising Price
XRP is now showing a little positive momentum as it is up about 3.6% week-to-week and 11% month-to-month. Still, this keeps it close to 80% away from its all-time high (ATH), which raises some questions about where this could be headed.
It is important to note that financial blog WallStreetBulls previously asserted that earning $1,000 was not just a pipe dream, but could happen within weeks or months.
Crypto Tank, an influential figure in the XRP community, echoed this bold assertion, arguing that skeptics may be underestimating crypto’s enormous utility in global finance.
Everyone who says 1k XRP is a dream does not understand that the use of XRP will move the price to unbelievable levels. To give you an idea of ​​how high XRP will need to go I will give you some examples…
Swift makes about $5-7 trillion in daily volume….
– CryptoTank (@Tank2033js) September 28, 2024
Although there are some optimists, there are still many experts who are skeptical. It is not only impossible but also “gaslighting” for XRP to jump from a $33 billion market cap to a $100 trillion one overnight, as a vocal critic recently pointed out.
This level of market valuation can surpass even formidable technology companies, such as Apple and Bitcoin. Apple’s current market value is just over $3 trillion; Bitcoin is about $500 billion. For some who consider such predictions too aggressive, the numbers don’t add up.
Related Reading
What Can Promote Development?
While some may find the idea of ​​XRP hitting $1,000 impossible, there are factors that could cause a significant increase. Given their incredible volatility, institutional investment or positive market conditions can help digital currencies flourish.
An altcoin will likely need deeper integration into global financial networks and cross-border transactions if it is to achieve such scale.
The future of XRP looks bright based on current trends. SBI Holdings, Ripple’s partner, has joined Project Agora, an initiative led by BIS and major banks.
By enabling wider use of XRP in cross-border payments, this partnership could significantly enhance your value proposition.
Featured image from CoinCodex, chart from TradingView