The XRP price continued to consolidate this week as the market reflected on the Federal Reserve meeting and the upcoming US-China trade talks. On Thursday, Ripple was trading at $2.12, down 10% from its highest level this month.
This article explores why it is unrealistic to expect the XRP price to surge from $2.12 to $1,000 as one popular crypto analyst predicts.
Why XRP Price May Never Hit $1,000
A popular crypto analyst believes that XRP will eventually surge from its current $2.12 to $1,000. BarriC, a pundit with over 14,000 followers on X, argued that it is highly realistic to expect XRP to surge to $1K.
He noted that the coin has made significant moves in the past, such as when it moved from $0.006 in 2017 to $3.80 in 2018, a 62,000% jump. As such, he believes that moving from the current level to $1K is possible since it is a 49,900% increase.
However, while XRP has numerous catalysts, it is highly unlikely that such a surge will happen in the near term due to the magnitude of the change.
XRP has a circulating supply of 58.58 billion tokens and a total supply of 99.98 billion coins. At a price of $2.12, XRP has a market cap of $124 billion and a fully diluted valuation of $212 billion.
If XRP jumped to $1,000, the coin would have a fully diluted valuation of $99.98 trillion. Assuming that the current circulating valuation remains, it would have a valuation of $58 trillion.
These are all huge numbers that are not realistic. For example, all publicly-traded companies have a market cap of over $112 trillion, while the world GDP stands at $112 trillion.
Keep in mind that cryptocurrencies are highly correlated. If XRP achieved that milestone, Bitcoin and other coins would also be in an uptrend. That would mean the entire crypto industry is worth quadrillions or quintillions.
Most Realistic Ripple Price Prediction
While a $1,000 XRP price forecast is unrealistic, the coin is likely to do well in the next few years. Its top catalysts are the potential XRP ETF approval, RLUSD stablecoin growth, the XRP Ledger momentum, whale accumulation, and more user growth.
Technical analysis can help one arrive at a better XRP price target. The weekly chart shows that the coin formed the impulse Elliot Wave pattern in June 2022 and finished the first wave in July 2023. It then moved to the second wave and completed it in June 2024.
The third wave occurred in November, and the coin is now in the fourth wave, which will be the final bullish wave. If this pattern works out, the Ripple price will jump by 140% and hit the resistance level at $5.
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