Bitrabo Editorial
Recent discussions on X (formerly Twitter) have led to conjecture that the XRP price could soar to $1,000. However, a crypto analyst has criticized these exaggerated forecasts, highlighting that the current market conditions and the coin’s fundamentals present significant challenges to such a price increase.
Analyst Challenges $1,000 XRP Prediction
On September 13, a post by crypto exchange Uphold, which read, “XRP just hit $1,000. What’s your next move?” sparked a wave of excited responses from the XRP community. Many investors shared their aspirations related to a potential value surge.
Despite the optimism among XRP enthusiasts, TruthLabs, a crypto analyst, criticized Uphold for its unrealistic $1,000 prediction. He characterized the exchange as an XRP backer and expressed doubt about the practicality of reaching such a price.
He explained that for XRP to escalate from its current value of $0.50 to $1,000, its market capitalization would have to expand dramatically to $100 trillion. At present, XRP’s market cap is only $32.9 billion, signaling that this target is extremely unlikely.
TruthLabs pointed out that the aggregate market capitalization of all cryptocurrencies totals under $100 trillion, currently standing at around $2.04 trillion. This implies that for XRP to hit the $1,000 figure, it would need to surpass the total worth of every cryptocurrency, including the leading asset, Bitcoin (BTC).
He described the notion of XRP reaching $1,000 as implausible, comparing Uphold’s predictions to exaggerated claims that penny stock promoters make to attract investors. He warned that Uphold’s speculative XRP price statements could mislead investors and lead to poor financial decisions founded on false optimism.
XRP Advocates Respond
In response to TruthLabs’ criticism of Uphold’s ambitious XRP price target, many supporters defended Uphold and challenged the analyst’s reasoning. One supporter declared that referencing market capitalization in discussions is not valuable and undermines the conversation stated.
Another community member, known as ‘CryptoTank,’ criticized TruthLabs’ approach to valuing XRP. He contended that assessing XRP based solely on market capitalization is misguided. Instead, he posited that XRP’s price should consider its utility, specifically the total transaction volume on the XRP Ledger (XRPL) divided by the circulating supply.