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A recent tweet from digital currency platform Uphold has sparked a wave of skepticism and excitement within the XRP community. The tweet jokingly suggested that “XRP had just hit $1,000,” sparking a flurry of speculation about the feasibility of such a price.
While some enthusiasts support the concept, numerous critics have promptly dismissed it as unrealistic, citing the substantial increase in market capitalization that would be required for XRP to reach that level.
At the time of writing, XRP is trading at around $0.64. It will take a monumental increase in value that has left many perplexed for the altcoin to reach $1,000.
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XRP: the price hike debate
XRP is now showing a little positive momentum as it rises around 3.6% week-over-week and 11% month-over-month. Still, this leaves the price about 80% away from its all-time high (ATH), raising some questions about where this could go.
It’s important to note that the financial blog WallStreetBulls previously claimed that reaching $1,000 wasn’t just a pipe dream, but rather an opportunity that could materialize within weeks or months.
Crypto Tank, an influential figure in the XRP community, has echoed this bold claim, claiming that skeptics may be underestimating crypto’s substantial utility in global finance.
Anyone who says 1k XRP is a fantasy does not understand how the utility of XRP will drive the price to incredible levels. To give you an idea of how high XRP will need to be, I’ll give you some examples…
Swift generates approximately $5-7 trillion in daily volumes….
— CryptoTank (@Tank2033js) September 28, 2024
While some are optimistic, there are still countless experts who are skeptical. It would be not only implausible but “gaslighting” if XRP were to jump from a $33 billion market cap to a $100 trillion market cap overnight, as one vocal critic recently noted.
This level of market appreciation would surpass even the most formidable tech companies, such as Apple and Bitcoin. Apple’s market value is currently just over $3 trillion; Bitcoin is worth almost $500 billion. For others who view such predictions as too aggressive, the numbers simply don’t add up.
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What could possibly stimulate development?
While some may find the idea of XRP reaching $1,000 unlikely, there are elements that could drive significant upside. Given their astonishing volatility, institutional investment or positive market sentiment could help digital currencies flourish.
The altcoin would likely need deeper integration into global financial networks and cross-border transactions if it is to achieve such a valuation.
The future of XRP seems bright based on current trends. SBI Holdings, a partner of Ripple, joined Project Agora, a BIS-led initiative with central banks.
By enabling the broader use of XRP in cross-border payments, this partnership could significantly enhance its value proposition.
Featured image from CoinCodex, chart from TradingView
