The idea that XRP’s price could reach $1,000 gained traction again when a social media platform X user named Drewski called on the Ripple community to come together to push XRP to this unprecedented price level.
While Drewski's post has reignited the conversation, the $1,000 price target is not new as it has been a shared goal among many XRP investors for years.
Drewski’s commentary on XRP reflects the entire cryptocurrency investment community.
It can be inferred that the investor believes that the combined strength of the Ripple community can trigger a historic price rise for XRP.
Interestingly, the bullish price target for XRP is driven primarily by sentiment rather than technical analysis.
However, XRP is no stranger to very bullish price targets when viewed from a technical analysis perspective.
For example, renowned cryptocurrency analyst EGRAG CRYPTO provided analysis indicating that XRP could be on its way to $27.
In another technical analysis, the analyst highlighted the possibility of XRP rising further to $99.
While the prediction is exciting, there are skeptics who question whether XRP can actually reach $1,000.
Critics highlight the huge market capitalization needed to reach this level.
For XRP to reach the $1,000 mark, it would need to either reach a market cap of $99.99 trillion based on its current total supply or burn through most of its supply.
Many critics are also quick to point out the regulatory uncertainties surrounding XRP and Ripple.
If you ask many cryptocurrency industry participants, many will say that XRP is dead, considering the asset has performed worse than many expected in the past few years.
XRP is currently trading at a fraction of its $1,000 target.
At the time of writing, XRP was trading at $0.5515.
The cryptocurrency is down 0.7% in the last 24 hours, but is up 2.5% over a seven-day period.
To reach the price target, XRP would have to experience a 1,800x price increase from its current level, which would make many of its holders multimillionaires.
Therefore, the prospect of such a move has kept the dream of a $1,000 price target alive for many XRP enthusiasts.
A more realistic dream would be to see XRP break past the $1 mark before hitting the double-digit threshold of $10.
For XRP to make a steady rise, it would need to continue growing in adoption in the traditional financial system.
Furthermore, a final resolution to Ripple’s ongoing lawsuit against the SEC is necessary, as gaining regulatory clarity could bring the dream of $1,000 XRP closer to reality than ever before.
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