Michael XBT, a seasoned Bitcoin investor and market psychologist, dismissed the idea of XRP experiencing a staggering 30,000% price increase in the current cycle as nothing more than wishful thinking. This comes in response to analyst Javon Marks, who has consistently claimed that XRP could surge up to $150 or a remarkable 41,400% in the current bull market.
Marks has put forth several analyses suggesting that XRP is on the brink of a significant bullish breakout from its downtrend that has persisted since its all-time high in 2018. He draws parallels to XRP’s explosive growth in 2017 following a similar downtrend, which propelled it to its current six-year high of $3.84.
Given the formation of a comparable triangle pattern, many analysts, including Marks, believe that there are grounds to believe that XRP could replicate history and reach new heights.
While this ambitious analysis envisions XRP reaching triple-digit figures, others view it as excessively optimistic and detached from reality. More conservative market observers see a more realistic price range of $5 to $10.
In response to one of Marks’ assessments, Michael boldly asserts that those hoping for a 300-fold price increase based on past events are simply delusional. He argues that market participants would be fortunate to see a ten-fold increase, which, although possible, remains unlikely. Such a rally would push XRP to a new all-time high of $6.
Michael further advises market participants against buying into these optimistic targets, cautioning that they will only have themselves to blame when another bear market sets in.
Marks, in defense of his predictions, explains that XRP has previously achieved gains of over 1,000 times its initial value, demonstrating its potential for even more significant growth. He emphasizes that his target is based on logarithmic connections he has observed successfully multiple times, rather than arbitrary figures.
“The greats may seem delusional until they prove otherwise, so I’m comfortable with my opinion,” he remarks.
Critics of the lofty estimations for XRP often point to the trillion-dollar market cap that would accompany such price levels. For instance, at $150, XRP would boast an approximate market cap of $15 trillion, approaching the valuation of gold.
Disclaimer: This article is for informational purposes only and should not be regarded as financial advice. The opinions expressed in this article are the author’s own and do not reflect the stance of The Crypto Basic. Readers are strongly advised to conduct thorough research before making any investment decisions. The Crypto Basic bears no responsibility for any financial losses incurred.
