Is $10,000 Possible For XRP Price? Crypto Analysts Weigh In Sep 20, 2023, 17:00 GMT+7
XRPUSD −0.01% The potential for XRP’s price to reach $10,000 has sparked intense discussions within the cryptocurrency community in recent days. One particular prediction suggests that the price of XRP could surge to $10,000 as Ripple makes advancements in the payments sector. However, the validity of this prediction remains a topic of debate, prompting crypto analysts to share their insights on whether such a price target is achievable.
Analyst’s Explanation for Why $10,000 Is Not Feasible
One analyst who has provided input on the possibility of XRP reaching $10,000 is Zach Rector. In response to the circulating predictions about the altcoin’s potential rise, Rector has expressed his skepticism regarding XRP’s ability to reach such a high price.
In a post on X (formerly Twitter), Rector suggests that a currency reset and debt restructuring would need to occur before XRP could achieve such a remarkable rally. According to him, these significant economic changes would have to take place even before XRP could reach a much lower price of $50. Therefore, Rector argues that instead of making high price predictions, we should be asking, “How high can XRP go before a reset?”
Another X user responded to Rector’s tweet, suggesting that it might be possible for XRP’s price to reach $10,000, but only if the current high inflation rates persist. In a follow-up tweet, this user assigns a 5% probability to XRP actually reaching $10,000.
“$10,000 is theoretically possible, but it would require us to maintain these unfavorable inflation rates, see XRP become the preferred global cross-border payment currency with no competition, and witness widespread tokenization with 10-20% adoption in one of the world’s top 10 markets,” the tweet states.
What’s Driving the Recent Bullish Sentiment Toward XRP Price?
The bullish sentiment surrounding XRP gained momentum following Ripple’s legal victory against the United States Securities and Exchange Commission (SEC) in July. In the days following the ruling, XRP’s price surged by over 60% as interest in the cryptocurrency grew.
While the token’s rally has moderated since then, erasing a significant portion of its post-ruling gains, crypto analysts remain optimistic. One analyst has set a price target of $130 for XRP, while another envisions it reaching as high as $500.
Furthermore, XRP’s consistently high trading volumes, which have remained above $1 billion, indicate substantial investor engagement with the coin. This sustained bullish sentiment is also fueled by Ripple’s activities in the payments sector and its collaborations with various countries on Central Bank Digital Currencies (CBDCs).”
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