Prominent Bitcoin maximalist, Chase, who also runs The Bitcoin Express YouTube channel, provided a straightcut and serious prediction of XRP’s potential price, challenging other optimistic price predictions.
Chase’s statements cut through the speculative optimism surrounding Ripple’s XRP. Chase dismissed the notions of XRP reaching $1,000, $589, or even $100.
In his bold assertion, Chase predicts, “Even if XRP had the same market cap as Bitcoin today ($1 trillion), then 1 XRP would be worth about $18.”
Contrasting Predictions
The crypto community has witnessed various projections.
Thomas Kralow, renowned crypto hedge fund manager, had previously predicted that XRP would hit $US30 a coin in 2023. Drozdz, a market analyst at Conoxtia believes,
“Once the excitement around the lawsuit fades, we could see a drop in interest for XRP. That could, in the medium term, negatively impact its price,”
In a recent post on X, renowned technical analyst Dark Defender asserted that XRP is now poised to approach the $1 threshold. He specifically issued a target of $1.88.
On the other hand, Wells Fargo Treasury Manager Shannon Throp has previously forecasted XRP hitting $500.
However, none of these optimistic predictions remain unfulfilled.
Present XRP Market Reality
With a circulating supply of over 54 billion XRP tokens, Chase’s bold predictions bring out the fundamental challenges of achieving such high price valuations for XRP.
For instance, reaching $1,000 per XRP would demand a staggering $54.5 trillion market valuation, far surpassing the entire cryptocurrency market’s current value of $1.9 trillion.
However, Chase introduces a hypothetical scenario where XRP attains Bitcoin’s $1 trillion market cap, suggesting a price of $18. While the tone appears sarcastic, it contemplates the realistic potential for such a feat.
XRP’s Current State and Community Concerns
Examining XRP’s current market standing, priced at $0.5481 with a recent decline, community concerns are evident. Veteran Game Designer Chad Steingraber points out one reason for XRP’s underperformance – notably low inflows. The comparison with Bitcoin’s substantial netflows underscores XRP’s struggle to keep pace.
Steingraber’s hypothetical scenario, where XRP records $500 million in daily inflows, is dissected. Utilizing the Bank of America multiplier, a potential $5 billion addition to XRP’s market cap is explored. If this addition sustains for a month, XRP’s valuation can hit $179.9 billion, resulting in a hypothetical price of $3.3 per XRP.
