Investors have the potential to turn their investment of 1,000 XRP tokens into a staggering $1 million if XRP reaches its ambitious price target of $1,000.
XRP has been a topic of speculation recently, largely due to its current underperformance and predictions of a forthcoming price explosion. While the broader market has recovered most of the losses from the previous bear phase, XRP has not experienced a similar price surge.
For example, Bitcoin (BTC), the largest cryptocurrency, has increased by 150% since the beginning of the bull market in Q4 2023. During this time, Solana (SOL) has skyrocketed by a massive 679%, while Ethereum (ETH) has seen a 126% increase.
In contrast, XRP has only seen a modest 0.68% rise since Q4 of last year. This is in stark contrast to the rest of the market, where the global cryptocurrency market cap has increased by 133% since Q4 2023, adding $1.5 trillion within this timeframe.
The underperformance of XRP has not gone unnoticed by industry commentators. Speculative theories point to prolonged price suppression caused by the SEC’s lawsuit, which has put legal pressure on XRP for over three years.
Another theory suggests that the price suppression is a result of Ripple’s continuous sales of XRP. The Crypto Basic confirmed last month that Ripple sold over 841 million XRP in the first quarter of this year, with its remaining balance falling below 45 billion XRP. Ripple CTO David Schwartz has explained the necessity of these sales, stating that they are the only way for Ripple to safely reduce its XRP holdings. However, he argues that Ripple’s sales are not to blame for XRP’s underperformance.
Interestingly, some market watchers believe that XRP’s underperformance is merely the calm before the storm. They anticipate a significant surge in XRP’s price when the breakout occurs. Some projections suggest lower targets, while others expect prices in the three-digit range.
For instance, notable community commentators BarriC and JackTheRippler predict that XRP will reach $1,000, representing a massive 192,207% price rally. While this forecast may seem unrealistic, The Crypto Basic has confirmed that if it were to materialize, anyone holding 1,000 XRP (currently worth $516) would see their investment skyrocket to $1 million.
However, data sourced from market analytics platform Santiment indicates that the number of XRP addresses holding at least 1,000 tokens has decreased this year, possibly due to the price suppression of XRP. These addresses amounted to 870,473 on January 1st, but today their number has dropped to 860,886.
It is important to note that this content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses.