Investors have the potential to turn their investment of 1,000 XRP tokens into a staggering $1 million if XRP reaches a target price of $1,000.
XRP has been a topic of speculation in recent months, primarily due to its current underperformance and the expectation of a significant price surge. While the overall market has recovered most of the losses from the previous bear phase, XRP has not experienced a similar upward trend.
For example, Bitcoin (BTC), the largest cryptocurrency, has increased by 150% since the beginning of the bull market in Q4 2023. During the same period, Solana (SOL) has skyrocketed by an impressive 679%, and Ethereum (ETH) has seen a 126% increase.
Meanwhile, XRP has only seen a modest rise of 0.68% since Q4 of last year. This is in stark contrast to the rest of the market, where the global crypto market cap has surged by 133%, adding $1.5 trillion within the same timeframe.
Industry commentators have taken note of XRP’s underperformance. Speculative theories suggest that the prolonged price suppression is a result of the SEC’s lawsuit against XRP, which has put legal pressure on the cryptocurrency for over three years. Another camp believes that Ripple’s continuous sales of XRP contribute to the price suppression. Ripple sold over 841 million XRP in the first quarter of this year, reducing its remaining balance to below 45 billion XRP. Ripple CTO David Schwartz has clarified that these sales are necessary for the company to reduce its XRP holdings, but he argues that they are not responsible for XRP’s underperformance.
Despite its current underperformance, some market watchers believe that XRP is on the verge of a significant surge. They expect the cryptocurrency to skyrocket when this breakout occurs, with some projecting prices in the three-digit figures. Community commentators BarriC and JackTheRippler predict that XRP will reach $1,000, marking a massive 192,207% price rally. While this forecast may seem unrealistic, it is worth noting that if it materializes, individuals holding 1,000 XRP, currently valued at $516, would see their investments soar to $1 million.
However, data from market analytics platform Santiment shows that the number of XRP addresses holding at least 1,000 tokens has decreased this year, possibly due to the price suppression. On January 1, there were 870,473 addresses holding 1,000+ tokens, but today, that number has dropped to 860,886.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.