The most recent positive prognosis for the #XRP price sticks out among the many that have appeared in recent weeks. If the prediction comes true, it would place the cryptocurrency on par with #crypto2023 like #bitcoin and Ethereum, according to Lord XRP, a pseudonymous crypto analyst and XRP maxi.
Analysts estimate the price of XRP to be $10,000.
In a post on the X (previously Twitter) network, the crypto expert describes a scenario in which the XRP price may reach $10,000. The image posted contrasts the XRP market valuation with conventional payment processing corporations that dominate the traditional banking world.
Such analogies are not surprising considering that Ripple, the firm behind the XRP coin, is utilising blockchain technology to disrupt the payments business. The business anticipates quicker and cheaper transactions, which has been consistently cited as a bull argument for the XRP price.
The figure depicts XRP's all-time high market worth of $30 billion in 2018, compared to transactions carried out by payment giants such as Western Union ($80 billion) and SWIFT ($5 trillion). It also illustrates the $577 billion in non-cash transactions that occur worldwide each year.
If Ripple is able to gain a significant portion of this payments market share, the analyst predicts that the XRP price may reach $10,000 per coin.
Lord XRP is not the only one who has made very strong forecasts for the cryptocurrency, but he is by far the most bullish. According to Wells Fargo Manager Shannon Thorp, the XRP price might rise above $500 as Ripple gains market dominance in the cross-border payments area.
Is This Pricing Point Realistic?
Although such price estimates may excite investors, they are not realistic, as seen by the supply of XRP . With a total supply of 100 billion, a $10,000 price point would place XRP's market worth at more over $100 trillion, which is really unachievable considering that the whole crypto market cap is just $1 trillion.
Outside of the United States
To put this in context, the gold market cap, which is a seemingly limitless resource, was just $12.7 trillion at the end of 2021. During the 2021 bull market, Bitcoin, the first cryptocurrency, had a market valuation of $1.27 trillion.
A $10,000 price target is achievable if there is a burn mechanism that dramatically reduces $XRP production over the next several years. But, with no burn mechanism and such a vast supply still accessible, a price in the double digits would be cause for joy within the community.
