Is $10,000 Possible For XRP Price? Crypto Analysts Weigh In


The possibilities of how high the XRP price can go has triggered heated debate among crypto community members over the past week. One particular forecast put the price of the cryptocurrency as high as $10,000 as Ripple advances in the payments sector. However, the validity of this prediction is still heavily debated, leading crypto analysts to weigh in on whether this price point is possible.

Analyst Explains Why $10,000 Is Not Possible

One analyst who has weighed in on the XRP price to $10,000 debate is Zach Rector. Following the circulation of predictions that the altcoin could rise to this level, Rector came forward to explain why he doesn’t believe that the XRP price can climb that high.

In the post that was made on X (formerly Twitter), Rector points toward a currency reset and debt restructuring as the reason behind his belief. According to him, both a Currency Reset and Debt Restructuring would have to take place before the altcoin can mount such a rally.

Explaining further, Rector points toward both of these taking place before the cryptocurrency could even rise to a much lower price point of $50. So he believes that instead of putting forward such price predictions, the question to be asked is, “How high will XRP go before we have a RESET?”

Another X user chimed in in response to Rector’s tweet to say it is possible for the XRP price to reach $10,000. However, they believe that this will only happen if the current high inflation rates are maintained. In a follow-up tweet, the user gives XRP a 5% chance of actually reaching $10,000.

“$10,000 is possible but that would be assuming that we maintain this disastrous inflation rate, XRP becomes worldwide cross border payment currency of choice with no competition, and Tokenization takes place and at least 10-20% of one of the top 10 markets worldwide utilizes XRP,” the tweet reads.

Why The Sudden Bullishness On XRP Price?

Indicators and investors alike first turned bullish for the XRP price following Ripple’s victory over the United States Securities and Exchange Commission (SEC) in July. The price of the coin had risen over 60% in the days following the ruling as interest ballooned.

The token’s rally has since slowed down since then, wiping the majority of its gains from the ruling. However, crypto analysts remain bullish. One analyst put the XRP price at $130, while another analyst sees it going as high as $500.

XRP’s trading volumes, which have been nearly consistent above $1 billion, also show that investors are heavily involved in the coin. This sustained bullishness is further fueled by Ripple’s exploits in the payments sector, as well as working with various countries on their Central Bank Digital Currencies (CBDCs).

XRP steadies above $0.51 | Source: XRPUSD on Tradingview.com

Featured image from Yahoo Finance, chart from Tradingview.com



Source link: https://www.newsbtc.com/analysis/xrp/10000-xrp-price/

Sponsors

spot_img

Latest

Messi hits winner as PSG come from behind to beat Toulouse

Lionel Messi scored a superb second-half winner as a Paris Saint-Germain side missing the injured Kylian Mbappe and Neymar came from behind to...

Warren Gatland calls for World Cup revamp after stern Portugal test

Warren Gatland believes that a 24-nation Rugby World Cup would help to grow the game.An expansion from the current 20 countries for...

Bryan Redpath on Scottish rugby’s development issue

When Bryan Redpath made his way through Scottish rugby from club success to the launch of pro rugby, to France and then...

Top Russia official threatens West with ‘global catastrophe’ over weapons to Ukraine – POLITICO

Continued deliveries of arms to Ukraine by its allies in the West will lead to retaliation with “more powerful weapons,” a top official...