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Crypto analyst Vincent has given reasons why the XRP price could reach $10,000 at some point. This comes amid the recent XRP rally, with the crypto now targeting its current price all-time high (ATH) from $3.8.
Why XRP Price Can Reach $10,000
In an X post, Vincent revealed that he had consulted ChatGPT, and the AI chatbot told him that the XRP price could easily reach $10,000 per coin. The market capitalization of XRP is a reason that has been used as an argument as to why the crypto cannot reach such a price level. The analyst stated that ChatGPT also debunked the market capitalization argument, stating that monetary market capitalization is an invalid measure.
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Vincent failed to provide a timeline for when ChatGPT said the XRP price could reach such an ambitious price target. However, he said he had spoken Ripple with the AI chatbot. This suggests that ChatGPT may have considered Ripple’s influence before making this $10,000 prediction.
Ripple could indeed play a major role if the XRP price approaches or reaches this $10,000 target. While predicting that XRP could reach $1,000, crypto analyst CryptoTank alluded to it Ripple payments service and cited an example where the crypto company’s payment rails are used to process most cross-border transactions.
The use case of XRP will increase as Ripple’s payment service gains mass adoption, providing a bullish outlook for the XRP price. Meanwhile, it is also worth mentioning the XRP ETFs, which are also bullish. The US Securities and Exchange Commission (SEC) could approve these funds next year, especially with pro-crypto messaging Paul Atkins could replace Gary Gensler.
These funds would fuel institutional inflows into the XRP ecosystem, leading to significant price appreciation. However, it remains to be seen if they can take the crypto to five figures.
A rally to double digits in this cycle
Amid this lofty $10,000 XRP price prediction, crypto analyst Mikybull Crypto has predicted that crypto could rise to double digits in this market cycle. This came as the analyst stated that XRP was giving 2017 something of a rally vibe, indicating that the crypto could replicate its legendary rally of over 61,000% in that 2017 bull run.
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In line with this, the crypto analyst predicted that the Using Elliott Wave Theory, crypto analyst Dark defender predicted that XRP could rise to $18 in this bull run.
At the time of writing, the XRP price is trading around $1.90, up more than 18% in the last 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com