Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Could XRP Actually Reach $10,000? Expert Weighs In

Share This Post

A highly-debated forecast that XRP may eventually reach $10,000 per coin has ignited controversy in the crypto world. The ambitious assertion has been greeted with excitement and skepticism as analysts consider the variables that might affect the token’s price.

On the basis of reports, the prediction of XRP to hit this level comes from possible drivers such as ETF approvals, institutional adoption, and its position in traditional finance. But not everyone believes that this is possible.

ETFs May Not Be The Solution

Among the supporting arguments for the $10,000 price projection is the role that XRP ETFs are speculated to play. Its fans expect exchange-traded funds will usher huge institutional investment into XRP, hence increase its price. Nevertheless, crypto analyst Joshua Jake has dispelled the concept, referencing the example of Bitcoin ETFs.

He stated that Bitcoin ETFs, although unlocking the door for institutional investors, have not taken Bitcoin to hyper prices of $1 million a coin. Jake thinks the same principle applies for XRP in that ETFs cannot drive the type of market action necessary to hit $10,000.

Jake also pointed out that while ETFs provide market access, they primarily lead to increased market-making and higher levels of resistance. Even achieving $30 or $20 per XRP, he said, would require massive value injection into the market, which is far from guaranteed.

Market Cap Raises Concerns

Considering XRP’s market cap, hitting $100 would push it to $10 trillion. At $10,000, it’d be $1 quadrillion—more than all the world’s wealth. Jake said that’s not realistic and advises caution with these predictions.

Banks probably won’t drive XRP to $10,000. Experts say if every bank in every country used XRP, its price would soar. Jake disagrees due to competition in crypto and the current supply of 99.98 billion tokens. Even if some tokens are burned, there wouldn’t be the supply shock needed to push prices that high.

Comparing XRP To Bitcoin And Ethereum

Comparing XRP to other well-known cryptocurrencies like Bitcoin and Ethereum was another topic of discussion. Jake responded to assertions made by proponents of XRP that Ethereum and Bitcoin are expensive despite their lack of progress. In order to counter this, he emphasized Ethereum’s contribution to tokenization and decentralized finance, pointing out that its whole value is fixed at $50.75 billion.

Jake defended Bitcoin as well, calling it a widely used digital currency. He cited its application in the carbon credit market as well as backing from institutions such as the US government and the IMF. He contended, however, that XRP has not had the same degree of institutional support or adoption.

At the time of writing, XRP was trading at $2.06, down 5.6% and 16.2% in the daily and weekly frames.

Featured image from Gemini Imagen, chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Treasury Firms Are This Cycle’s Bubble, Experts Warn

A growing chorus of Bitcoin commentators is raising the alarm over the recent boom in publicly traded companies adopting Bitcoin-centric treasury strategies The debate ignited this week after

Twenty One Capital Secures $458.7M Bitcoin Purchase Ahead of Merger 

Twenty One Capital announced Tuesday that Tether Investments purchased 4,812 bitcoin for $4587 million at an average price of $95,31983 per BTC, part of a business combination agreement involving

Twenty One Capital becomes top Bitcoin holder with $458.7M purchase ahead of public listing

Twenty One Capital has purchased 4,812 Bitcoins (BTC) on May 9 for approximately $4587 million, according to an 8-K Form filed with the US Securities and Exchange Commission (SEC) The acquisition,

Semler Scientific Reports 22.2% BTC Yield YTD in Q1: Company Now Holds 3,808 Bitcoin

The post Semler Scientific Reports 222% BTC Yield YTD in Q1: Company Now Holds 3,808 Bitcoin appeared first on Coinpedia Fintech News Semler Scientific stock gained over 5% on Tuesday following the

US lawmakers warn Treasury on taxing US firms’ unrealized crypto gains

Two US senators have requested that the Treasury Department intervene to prevent the corporate alternative minimum tax (CAMT) interpretation from penalizing US firms for unrealized gains driven by

Analyst Predicts Bitcoin Price Surge To $120,000 And Then A 50% Crash To $60,000, Here’s When

The Bitcoin price is once again at the center of attention as it continues its upward climb in what appears to be the final phase of the current bull cycle Riding on the back of macroeconomic