Forecast of XRP Reaching $10,000 Sparks Controversy Among Analysts
A forecast suggesting that XRP could reach $10,000 per coin has sparked debate among analysts. This prediction is based on factors such as ETF approvals, institutional adoption, and XRP's role in traditional finance.
ETFs May Not Be The Solution
- XRP supporters believe ETFs will attract institutional investment and raise prices.
- Crypto analyst Joshua Jake argues that Bitcoin ETFs have not resulted in extreme price increases.
- Jake states that while ETFs provide market access, they lead to increased resistance rather than significant price hikes.
- He suggests that achieving even $20 or $30 per XRP requires substantial market value injection, which is uncertain.
Market Cap Raises Concerns
- XRP hitting $100 would result in a market cap of $10 trillion; at $10,000, it would be $1 quadrillion.
- Jake finds these valuations unrealistic and advises caution regarding such predictions.
- Competition and high supply of 99.98 billion tokens limit the potential for drastic price increases.
Comparing XRP To Bitcoin And Ethereum
- Jake responds to claims that Bitcoin and Ethereum lack progress by highlighting Ethereum's role in tokenization and DeFi.
- He defends Bitcoin, citing its use in the carbon credit market and support from institutions like the US government.
- Jake notes that XRP lacks comparable institutional backing and adoption.
As of now, XRP is trading at $2.06, down 5.6% daily and 16.2% weekly.