Michael XBT, a seasoned Bitcoin investor and market psychologist, dismissed the idea of XRP experiencing a staggering 30,000% price increase in this cycle as a mere fantasy. This comes in response to analyst Javon Marks, who has been touting the possibility of XRP surging up to $150 or 41,400% during this bull season.
Marks has consistently argued that XRP is on the brink of a significant bullish breakout, ending its downward trend that has persisted since its all-time high in 2018. His assessment is largely based on the fact that XRP experienced a massive surge in 2017 after a similar extended downtrend. This surge propelled XRP to its current six-year-old all-time high of $3.84.
With XRP forming a similar triangle pattern, many analysts, including Marks, believe that history could repeat itself and XRP could reach new heights.
While the ambitious analysis expects XRP to reach triple-digit figures, others view this as overly optimistic and disconnected from reality. Conservative market observers believe that a more realistic range for XRP is between $5 and $10.
In response to one of Marks’ assessments, Michael boldly stated that expecting a 300-fold price increase, as seen in the past, is simply unrealistic. He argued that market participants would be fortunate to witness a ten-fold increase, acknowledging that such a rally is possible but highly unlikely. A ten-fold increase would push XRP to a new all-time high of $6.
Michael further cautioned market participants against buying into these optimistic targets, warning that they will only have themselves to blame when they are left empty-handed as the bear market returns.
In response to Michael’s criticism, Marks explained that XRP has previously achieved gains of over 1,000 times its initial value, demonstrating its potential for even greater growth than a 300-fold increase. He emphasized that his target is based on successful logarithmic connections he has observed multiple times, rather than arbitrary numbers.
“The greats seem delusional until they aren’t, so I’m fine with the opinion,” he remarked.
It is worth noting that critics who disagree with the ambitious estimations for XRP often point to the trillion-dollar market cap that would result from such high prices. For example, if XRP were to reach $150, its market cap would approach $15 trillion, nearing the valuation of gold.
Disclaimer: This article provides information and should not be considered financial advice. The views expressed in this article are solely the author’s and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses.