Crypto
Pundit Shuts Down Predictions
Of XRP
Price Hitting $1,000
Crypto Pundit Shuts Down Predictions Of XRP Price Hitting $1,000
by Scott Matherson
3 mins ago
in XRP
0
A recent buzz on the X (formerly Twitter• Коммуникации » Интернет-коммуникации » Интернет-сообщество » Социальные сети » Х (Twitter)) social media• Коммуникации » Интернет-коммуникации » Интернет-сообщество » Социальные сети platform has sparked
speculation that the XRP price could hit $1,000. However, a crypto pundit has
slammed these overly inflated and seemingly unrealistic predictions, pointing
to market capitalization and the coin’s current fundamentals as clear
obstacles to such a price surge.
Analyst Criticizes $1,000 XRP Price Forecast
In an X (formerly Twitter• Коммуникации » Интернет-коммуникации » Интернет-сообщество » Социальные сети » Х (Twitter)) post on September 13, crypto exchange, Uphold
triggered a flurry of discussions within the crypto community by posting, “XRP
just hit $1,000. What’s your next move?” The tweet instantly caught the
attention of various XRP investors and enthusiasts, with many sharing hopeful
plans of what they would do if the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта suddenly reached that price
mark.
Related Reading: Shiba Inu Team Members Reveals The Best Way To Burn SHIB And
Reduce Supply
While XRP investors reveled in the potentially life-changing impact of such a
price increase, a crypto analyst, TruthLabs slammed Uphold for its lofty
predictions. The analyst branded the crypto exchange as an XRP promoter,
expressing skepticism over the feasibility of its $1,000 XRP price claim.
He disclosed that for XRP to reach $1,000 from its current price of $0.5, its
market capitalization would need to experience an extraordinary growth to $100
trillion. Currently, XRP’s market capitalization stands at $32.9 billion,
making a $100 trillion target seed like an implausible figure.
According to TruthLabs, the global market capitalization of all
cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта is also below $100 trillion, sitting at $2.04 trillion
presently. This suggests that for XRP to hit $1,000, it would have to achieve
a market capitalization that surpasses the combined value of all the
cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта in the market, including Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) , the world s
largest cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта by market cap.
TruthLabs has indicated that expecting XRP to reach $1,000 was unrealistic,
likening Uphold s ambitious predictions to hype tactics used by penny
stock promoters, who often exaggerate the potential value of low-cost stocks
to attract unsuspecting investors. The analyst further cautioned that Upholds’
XRP price claims were irresponsible, which may lead some investors to make
financial decisions based on false hopes.
XRP Supporters Fire Back
While TruthLabs criticized Uphold for its unrealistic XRP price target , many
XRP supporters hit back at the analyst for using the market capitalization
metric as a basis for his argument. “Truth is anyone who brings market cap to
the conversation isn’t worth having a conversation with,” an XRP supporter
stated .
Related Reading: Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Bull Pennant Still In Motion With $158,000 Price
Target, Here’s When
Another crypto community member identified as ‘CryptoTank’ criticized
TruthLabs understanding of how XRP’s value should be assessed. He
argues that the analyst is incorrectly using market capitalization as a
foundation for evaluating XRP’s potential.
Instead, the crypto member suggests that XRP’s price should be determined by
its utility , which he describes as the total value or volume of transactions
on the XRP Ledger (XRPL) divided by the circulating supply. XRP price holds up
nicely despite bears | Source: XRPUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com