Crypto Expert Debunks $1,000 XRP Price Prediction Claims

Recent discussions on the X (formerly Twitter) social media platform have led to speculation that the XRP price might soar to $1,000. Nevertheless, a cryptocurrency expert has criticized these inflated and seemingly unrealistic forecasts, citing market capitalization and the coin’s current fundamentals as significant hurdles to achieving such a price surge.

Expert Disapproves of $1,000 XRP Price Prediction

In a post on X (formerly Twitter) dated September 13, crypto exchange Uphold sparked significant debate in the crypto community by tweeting, “XRP just hit $1,000. What’s your next move?” This tweet quickly garnered attention from various XRP investors and enthusiasts, many of whom shared their aspirations for what they would do if the cryptocurrency unexpectedly reached that price.

As XRP enthusiasts basked in the potentially transformative implications of such a price hike, a cryptocurrency analyst, TruthLabs, criticized Uphold for its lofty assertions. The analyst labeled the crypto exchange an XRP promoter, expressing doubt regarding the practicality of the $1,000 XRP price forecast.

He explained that for XRP to reach $1,000 from its current valuation of $0.5, its market capitalization would need to skyrocket to $100 trillion. Presently, XRP’s market capitalization is around $32.9 billion, making the $100 trillion target seem extraordinarily ambitious.

TruthLabs also pointed out that the total market capitalization of all cryptocurrencies is under $100 trillion, currently sitting at $2.04 trillion. This implies that for XRP to hit $1,000, it would need to achieve a market cap that exceeds the total value of all cryptocurrencies combined, including Bitcoin (BTC), the largest cryptocurrency by market cap.

TruthLabs has stated that anticipating XRP to reach $1,000 is unrealistic, comparing Uphold’s bold predictions to the hype tactics used by penny stock promoters, who often exaggerate the value of low-cost stocks to entice unsuspecting investors. The analyst warned that Uphold’s XRP price claims are irresponsible, potentially leading some investors to make decisions based on unrealistic expectations.

XRP Supporters Respond

In response to TruthLabs’ critique of Uphold’s impractical XRP price target, several XRP supporters defended their position by challenging the analyst’s reliance on the market capitalization metric in his argument. “Truth is that anyone who invokes market cap in these discussions isn’t worth engaging with,” an XRP supporter stated.

Another member of the crypto community known as ‘CryptoTank’ criticized TruthLabs’ approach to assessing XRP’s value. He contended that the analyst misuses market capitalization to evaluate XRP’s potential.

Instead, the community member argues that XRP’s price should be based on its utility, which he defines as the overall value or volume of transactions on the XRP Ledger (XRPL) divided by the circulating supply.