Amid the bullish predictions that have emerged for the XRP price in recent weeks, the most recent one stands out. The prediction presented by a pseudonymous crypto analyst and XRP maxi known as Lord XRP will put the altcoin on par with cryptocurrencies such as Bitcoin and Ethereum if it comes to fruition.
Analyst estimates XRP price at $10,000
In a post shared on the X platform (formerly Twitter), the crypto analyst presents a situation where the XRP price could rise as much as $10,000. The visual share contrasts the XRP market cap with mainstream payment processing companies that dominate the traditional financial sphere.
Such comparisons are not new, as Ripple, the company behind the XRP token, aims to disrupt the payments industry using blockchain technology. The company expects to enable faster and cheaper transactions, something that has been repeatedly presented as a bull case for the XRP price.
$10,000 per #XRP is possible✅✅ pic.twitter.com/aJ8FxrHBIz
— Lord XRP (@Bitforcoinz) September 10, 2023
The chart shows the highest ever market capitalization of XRP, which reached $30 billion in 2018, compared to transactions conducted by payment giants such as Western Union ($80 billion) and SWIFT ($5 trillion). It also highlights the $577 billion in non-cash transactions conducted worldwide annually.
If Ripple can capture a large portion of this payments market share, the analyst believes it is possible that the XRP price could rise to $10,000 per token.
Lord XRP isn’t the only one to have made ultra-bullish predictions for the altcoin, although this one is certainly the highest by a mile. Wells Fargo executive Shannon Thorp has done just that predicted that the XRP price could reach as high as $500 as Ripple begins to gain more market share in the cross-border payments space.
From the New Value Report 2023 of #Ripple
$250 trillion is expected by 2027 in cross-border payments alone!
An XRP price of $500 just doesn’t seem like enough to facilitate that amount. 😉 $xrp #xrpisnotasecurity pic.twitter.com/HvIIp0vIiD
— Shannon Thorp (@thorpshannon87) September 11, 2023
Is such a price possible?
While investors might get giddy when they see such price predictions, this makes them unfeasible and the proof is in the supply of XRP. With a total supply of $100 billion, a price of $10,000 would bring the market cap of XRP to over $100 trillion, which is essentially impossible considering that the total crypto market cap is only $1 trillion.
To put this into perspective, the market cap for gold, which happens to be a fairly unlimited resource, was only a market cap of $12.7 trillion at the end of 2021. Bitcoin, the cryptocurrency pioneer, peaked at $1.27 trillion during the crisis period. the 2021 bull market.
If there were a burn mechanism that would drastically reduce XRP supply in the coming years, then a price of $10,000 would be possible. However, with no combustion mechanism in place and such a large supply still available, a double-digit price would be a cry for celebration among the community.
XRP price sitting above $0.48 | Source: XRPUSD on Tradingview.com
Featured image from CoinMarketCap, chart from Tradingview.com