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THE idea of XRP price reaching $1,000 has once again gained traction as a user on social media platform Although Drewski’s post reignited the conversation, the $1,000 price target is far from new, as it has been a goal shared by many XRP investors for years.
Aggressive $1,000 price target for XRP
Drewski comment on XRP echoes the entire cryptocurrency investment community. In particular, it can be inferred that the investor is convinced that the combined strength of the Ripple community can trigger a historic surge in XRP prices.
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Interestingly, XRP’s bullish price target is primarily driven by sentiment rather than technical analysis. However, XRP is no stranger to very bullish price targets seen through the prism of technical analysis. For example, famous crypto analyst EGRAG CRYPTO provided analysis indicating that XRP could be on a trajectory towards $27. In another technical analysis, the analyst highlighted the possibility of XRP continues to climb to $99.
How achievable is the $1,000 price target?
While the prediction is exciting, some skeptics question whether XRP can realistically reach $1,000. Critics point to the enormous market capitalization needed to reach this level. For XRP to reach the $1,000 mark, it would either need to reach a market cap of $99.99 trillion based on its current total supply or burn most of its supply. Many critics also point out the regulatory uncertainties surrounding XRP and Ripple.
If you ask many crypto participants, many will call XRP deadgiven that crypto has poor performance compared to what many expected over the last few years.
Currently, XRP is trading at a fraction of the $1,000 target. At the time of writing, XRP is trading at $0.5515. The cryptocurrency is down 0.7% over the past 24 hours, but remains up 2.5% over a seven-day period.
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To reach the price target, XRP would need to see a price increase of 1,800 times from the current level, which would make many of its holders multi-millionaires. Therefore, the prospect of such a move has kept the dream of a $1,000 price target alive for many XRP enthusiasts. A more realistic dream would see XRP surpass the $1 mark before reaching the double-digit threshold of $10.
For XRP to experience a steady rally, its adoption in the traditional financial system would need to continue to grow. In addition, a final resolution to Ripple-SEC lawsuit underway is necessary, as achieving clearer regulation could bring the dream of $1,000 XRP closer to reality than ever before.
Featured image created with Dall.E, chart from Tradingview.com
