A prominent crypto pundit known as XRP Avengers has emphasized that the possibility of XRP hitting $1,000 is incredibly slim, despite discussions within the community about this target price. The pundit pointed out that the altcoin’s market cap is a key factor that makes such a milestone unattainable.
Challenges in XRP Reaching $1,000
Expressing his views in a recent post, the crypto pundit outlined the reasons why XRP is unlikely to ever reach $1,000, primarily due to market cap constraints. He highlighted the implausibility of XRP achieving a price level that would result in a market cap of 100 trillion, a figure significantly exceeding the global GDP.
XRP Avengers asserted that the maximum achievable price for XRP is around $10, emphasizing that for the altcoin to even approach $1,000, an extensive period of time would be required, along with a scenario where banks predominantly use XRP for their transactions.
However, software engineer Vincent Van Code presented a differing perspective, challenging the notion that XRP cannot hit the $1,000 mark. Van Code suggested that if a vast majority of XRP were bought at a low price, there could be a scenario where a small percentage is acquired at $1,000 each, making the milestone feasible.
Conflicting Views on XRP’s Future
Despite the skepticism surrounding XRP’s potential to reach $1,000, crypto analyst BarriC remains steadfast in his belief that such a milestone is achievable. BarriC highlighted that historical price trends of XRP have been influenced by altcoin seasons and cyclical patterns, underscoring the absence of data on how a utility-driven surge could impact the coin.
BarriC contended that dismissing the possibility of XRP hitting $1,000 is unfounded, suggesting that widespread adoption by global banks could pave the way for a significant influx of funds into XRP, propelling its value to unprecedented levels.
As of the latest update, XRP is trading at approximately $2.98, marking a slight decline of over 4% in the past 24 hours, based on data from CoinMarketCap.
