The post Top Analyst Claims XRP Price Will Hit $1000, Believes It’s Only A Matter of Time appeared on BitcoinEthereumNews.com.

Crypto analyst CryptoTank has predicted that the XRP price can reach $1,000. Although he didn’t give a specific timeline for this price surge, he outlined several reasons why the crypto token could hit such an ambitious price target. Some other analysts, like Crypto Egrag, have also predicted that XRP can indeed rise to $1,000 at some point. XRP Price Will Hit $1,000 CryptoTank predicted in an X post that XRP will reach $1,000 while stating that a surge to this price level isn’t a fantasy. Instead, he believes it is only a matter of time before the crypto token reaches such unprecedented heights. The analyst recently highlighted the potential XRP ETFs as one of the factors that could send the XRP price to the target. The analyst noted that companies like Bitwise, Canary, and other asset managers that plan to offer this fund will have to hold at least $10 million worth of XRP to support their respective funds. With these asset managers holding such an amount of XRP, the coin’s circulating supply will decrease. Based on this, CryptoTank asserts that the XRP price will eventually increase over time. He further remarked that this supply shock will come into play in a “much bigger” way as more institutional investors begin to adopt the crypto token. Ripple CEO Brad Garlinghouse already stated that he expects more filings following the Bitwise XRP ETF application. Therefore, it might not be long before more institutions look to adopt XRP and provide other institutional investors with exposure to the crypto token. In line with this, CryptoTank asserts that companies will have a large supply of XRP on their books. He claimed that this is why 100 billion XRP is not a large supply for the token’s intended use case. He added that other factors will…

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Filed under: News - @ October 3, 2024 12:13 am