Will XRP Price Go 1000x?
Despite its stagnant price, some crypto analysts remain confident that the XRP price can increase 1000x from its current level. A 1000x price increase would represent a rise to $500 for XRP, which is undoubtedly an ambitious price target considering its current price. This article explores whether the crypto could eventually reach this price target.
Will A 1000X XRP Price Increase Happen
A 1000x XRP price increase can eventually happen as the crypto market continues to experience significant growth. A rise to $500 for XRP heavily depends on how much the crypto market grows and how soon it achieves this growth. For context, a $500 XRP means the crypto will have a market cap of $28.3 trillion based on its current circulating supply of 56.65 billion coins.
In reality, a 1000x XRP price increase seems unlikely at the moment, considering that the crypto market is valued at just around $2.3 trillion. However, the market will continue to expand as time passes, opening up the possibility of XRP setting its sights on this price target. Interestingly, Ripple CEO Brad Garlinghouse predicted earlier in the year that the crypto market would double in size and reach $5 trillion by year-end.
Another way in which XRP could reach this price target is if there were more deflationary mechanisms in place to help remove a significant amount of coins from circulation. This is why members of the XRP community have, at different times, called on Ripple to burn its escrowed funds based on the belief that this could trigger a significant rally.
Moreover, it will make a $500 XRP more feasible since fewer coins are in circulation. Token burns could be pointless if there is no actual demand for the asset. In XRP’s case, the crypto looks poised to enjoy massive demand with the potential launch of XRP ETFs. In line with this, crypto analysts like BarriC predict that the XRP price can reach $1,000 if an XRP ETF is approved.
What Will Make A 1000X Price Increase More Likely
The launch of US XRP ETFs will provide a major boost for the XRP price and could eventually be one of the catalysts for the 1000x rally. Depending on these funds’ success, their presence in the XRP ecosystem could lead to a supply shock that sends XRP flying. Besides these ETFs, Ripple will also have a role to play if the coin is to reach $500.
Ripple has centered its payment service around XRP, which continues to provide a bullish outlook for the coin. Analysts predict that the crypto firm could, at some point, steal a significant share of the market from SWIFT in processing cross-border payments. This development could lead to a massive surge in XRP’s demand and contribute to the 1000x price increase in the process.
In the meantime, the Ripple SEC lawsuit must end as the legal battle hinders the crypto firm’s progress, especially in the US market. Ripple CLO Stuart Alderoty recently disclosed the next steps in the appeal. Based on the timeline, the case could run till year-end 2025 or the beginning of 2026.
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Filed under: News - @ October 16, 2024 9:20 pm