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The idea that the XRP price would reach $1,000 has regained traction as a user of social media platform While Drewski’s post has reignited the conversation, the $1,000 price target is far from new, as it has been a target shared by many XRP investors for years.
Bold price target of $1,000 for XRP
Drewskis commentary on XRP reflects the entire community of cryptocurrency investors. In particular, it can be deduced that the investor is confident that the combined power of the Ripple community can cause a historic price increase for XRP.
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Interestingly, the bullish price target for XRP is mainly determined by sentiment and not technical analysis. However, XRP is no stranger to very bullish price targets seen through the lens of technical analysis. For example, renowned crypto analyst EGRAG CRYPTO has provided analysis indicating that XRP could be on a trajectory towards $27. In another technical analysis, the analyst highlighted the possibility of XRP continues to rise to $99.
How achievable is the $1,000 price target?
While the forecast is exciting, there are skeptics who question whether XRP can realistically reach $1,000. Critics highlight the massive market capitalization required to reach this level. For XRP to reach the $1,000 mark, it would either have to reach a market cap of $99.99 trillion based on current total supply or burn most of its supply. Many critics are also quick to point out the regulatory uncertainties surrounding XRP and Ripple.
If you ask many crypto participants, many will call XRP deadgiven that crypto has that performed worse than many expected in recent years.
Currently, XRP is trading at a fraction of its $1,000 target. At the time of writing, XRP is trading at $0.5515. The cryptocurrency is down 0.7% in the past 24 hours, but continues to rise 2.5% in the seven-day span.
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To reach the price target, XRP would need to experience a price increase of 1,800x from current levels, making many of its holders multi-millionaires. Therefore, the prospect of such a move has kept the dream of a $1,000 price target alive for many XRP enthusiasts. A more realistic dream would see XRP rise above the $1 mark before reaching the double-digit threshold of $10.
For XRP to experience a steady rally, it would need to continue growing in acceptance in the traditional financial system. Furthermore, a definitive solution for the ongoing Ripple-SEC lawsuit This is necessary because achieving regulatory clarity could bring the dream of a $1,000 XRP closer to reality than ever before.
Featured image created with Dall.E, chart from Tradingview.com
