The XRP price now finds itself trading above the upper range of a consolidation trendline that has hampered its performance since August. More importantly, XRP is now trading above the critical level of $0.60, signaling that the return to a new yearly high is closer than before.
Adding to the excitement, a viral video circulating among crypto enthusiasts on the social media platform X (formerly Twitter) features a passionate XRP advocate who made bold claims about the cryptp’s prospects. According to R3 Corda developer Quincy Jones, XRP has the potential to trade at $100, $1,000,000, or even $1,000,000.
Crypto Participant Projects Astronomical Value For XRP
XRP enthusiasts have primarily been in a state of excitement since the weekend. This significant breakout above $0.60 is seen as a bullish signal by many traders, as it indicates the cryptocurrency may finally be escaping the prolonged period of sideways trading.
Quincy Jones argued that XRP’s value is a minute fraction compared to what it could become. He claimed that XRP’s value is a minute fraction compared to what it could be. He argues that the value of XRP is intrinsically linked to the value and liquidity of assets issued on its blockchain network.
As the native token for the XRP Ledger, XRP would be required to buy, exchange, and transact on the network, meaning that as more valuable assets are issued on the blockchain, the demand for XRP would naturally increase, driving up its price. “XRP is only bound by the fiscal responsibility of the people that issue assets on it,” he said.
This means XRP’s price could theoretically skyrocket in the coming years and trade anywhere from $100 to $100,000 or even reach an eye-watering $1,000,000 depending on how many assets are issued on the network and the overall liquidity within the ecosystem.
Is A $100,000 Price Tag Really Feasible For XRP?
XRP’s fundamentals are a little different from other cryptocurrencies. Unlike Bitcoin and Ethereum, which were created to replace traditional banking institutions and transfer of value, the XRP network was designed to improve the efficiency of cross-border payments, particularly in the banking sector. One function of the network is to allow banks and financial institutions to quickly transfer money and assets across borders with lower transaction costs. To facilitate these transactions, institutions need to acquire XRP to pay the required transaction fees.
XRP’s use case is fast becoming a popular choice among banks worldwide. Now that the Ripple-SEC lawsuit seems to be finally over, this adoption is only poised to accelerate. This, coupled with strong institutional inflows into the crypto space, could help set XRP on the path to significant gains in the coming years. However, before realizing its long-term potential, XRP must first conquer several smaller but critical price levels.
At the time of writing, XRP is trading at $0.6448 and is up by 2.77% in the past 24 hours. A $100,000 or $1,000,000 price tag for XRP seems far-fetched at the moment. A more realistic first target is $1. A successful break above $1 could set the stage for a continued increase until it reaches a new all-time high above $3.40. From there, XRP could aim for $5, followed by breaking into double-digit territory at $10. These are the key price milestones to attain in the short term.
