The Growth Myths That Should Be Debunked

The multiple XRP price prediction scenarios have projected the token to soar to ambitious price heights in the future, but some thresholds might be impossible to reach.

One consensus within the XRP ecosystem is that its price is lower than its true worth, leading to analysts issuing several lofty price targets on the coin. Some of these price targets are as high as $30, as expectations of XRP’s integration in global finance mount.

As these XRP price prediction cases dominate the scene, a recent column on Forbes Advisor detailed how some of these lofty expectations might be too much of an ask for the cryptocurrency. 

Why XRP Can’t Overgrow

Throughout its history, XRP has seen different price fluctuations characterized by visible bullish spikes and elongated periods of drawdowns. Amid this, the coin touched an All-Time High (ATH) of $3.84 on January 4, 2018, setting a peak for a rally that started in 2017.

To lend insights into the multiple XRP price prediction cases, Grzegorz Drozdz, a market analyst at Conotoxia revealed why a $30 price mark is unrealistic for XRP.

He noted that with the coin having a total supply of almost 100 billion, a $30 XRP will imply a $3 trillion market valuation, a figure that is not just double the combined crypto market cap, but will also make it one of the most valuable assets in the world, only behind Gold and Microsoft.

Though insane price jumps are not uncommon in the industry, assets in the Web3 world also conform to the laws of economics. To Drozdz, XRP has both bullish and bearish fundamentals that can both make or mar its growth in the long term.

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On the bullish front, he projects the growing popularity of the coin and the possible positive end to the SEC lawsuit that might help uplift the coin. On the bearish end, he believes a likely drawdown in the broader market could depress XRP’s price in the long term.

The XRP ETF Sentiment

One of the major factors fueling the optimism in the XRP ecosystem is the projection that an exchange-traded fund (ETF) will be inbound sometime in 2024 or 2025.

While no company has currently filed an application for this product in the US, Ripple Labs CEO Brad Garlinghouse is not discounting the possibilities of massive influx of alternative ETFs beyond Bitcoin.

Notably, the hype in the XRP ecosystem has not helped reboot the price and market capitalization of the coin both of which are down by 1.85% in 24 hours to $0.5359 and $29,264,535,041. Trading volume is also down by 19.20% to $1,026,443,341.