2024-9-19 22:16 |
Despite its unimpressive price performance, industry commentators have maintained faith in the price of Ripple’s XRP, offering ultra-bullish price forecasts for the cryptocurrency. Some have suggested that XRP will hit $1,000 at some point in the future.
Nevertheless, one crypto expert is shutting down such rosy prognostications, asserting that the asset is unlikely to ever reach four figures.
Pundit Slams $1K XRP Price ForecastPopular crypto exchange Uphold caused a stir in the community after asking followers in a recent post on Twitter (aka X), “XRP just hit $1,000. What’s your next move?”
The post immediately attracted the attention of XRP fanatics, with most sharing the things they would do if the token managed to soar to the projected price peak. While XRP holders dreamt of the potentially life-changing effect of such a mega price appreciation, a crypto expert popularly known as TruthLabs on X has called out Uphold for its sky-high forecast. TruthLabs labeled the digital asset exchange as an XRP promoter, voicing doubt over the plausibility of its $1,000 per XRP prediction.
According to TruthLabs, expecting XRP to reach such lofty heights was unreasonable, comparing Uphold’s prognosis to hype techniques leveraged by penny stock proponents, who usually embellish the potential value of low-cost stocks to lure gullible investors. The pundit also contended that Upholds’ XRP price forecasts were reckless, which could result in some investors making bad financial decisions with hopes of these prices coming true.
TruthLabs revealed that for XRP’s price to hit $1,000 from its current value of around $0.568, its market cap would need to rocket to an impressive $100 trillion. The Ripple-promoted cryptocurrency currently boasts a $32.2 billion market cap, making $100 trillion a rather unattainable target.
TruthLabs notes that the total crypto market capitalization presently stands at around $2 trillion — which is vastly lower than the $100 trillion figure. This indicates that XRP’s market value would have to exceed that of all cryptocurrencies in the market, including that of crypto king Bitcoin, for it to hit a $1,000 price tag.
XRP Army Strikes BackAs expected, the army of ardent XRP fans fired back at TruthLabs. One XRP evangelist on X specifically criticized the analyst’s use of the crypto’s market cap as a rationale for his assertion. “Truth is anyone who brings market cap to The conversation, isn’t worth having a conversation with,” the user asserted.
Another member of the XRP community slammed TruthLabs’s understanding of market cap, noting that it does not have any impact on price.
“Market cap is the current price times the current circulating supply that’s it. It’s so simple,” the user going by the online alias KINGVALEX added.
Others suggested that XRP soaring to the aspirational $1,000 level is inevitable if Ripple implements an effective burn mechanism.
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