The ‘Cheating’ crowd may have the last laugh


Back in 2016 and 2017, when XRP was worth more than a penny, Ripple then-CTO David Schwartz laid out a rough plan for what the token would take if things went well.

Collaborative Reading

Comparing the Bitcoin market, he said, could push the price around $2. Participating in international payments can justify $20. And if adoption grew beyond that, $120 was not out of the question. At the time, even reaching $1 seemed impossible. XRP images he has crossed that line several times.

The Verifier Supports the Believers

That reputation is now being used by XRP supporters to defend the value proposition that critics call absurd. The official XRP Ledger known as Vet wrote on social media this week that the people who often make fun of him for his bold predictions may be coming.

“Being a dreamer is very powerful,” Vet wrote, adding that those who were drafted fraud they would win in the end.

The post helped a lot of XRP people. One commentator, known online as X Finance Bull, said strong conviction drives people forward regardless of numbers.

One user said that there is only a thin line between deception and haste, and patience and time determine who is right.

$1,000 XRP Will Need a Market Cap Larger than the US Treasury

The goals being floated are not trivial. Reports indicate that owners of XRP have been showing prices anywhere from $100 to $1,000 and beyond, although the token is around $1.30 after nearly nine months of price declines.

XRPUSD is currently trading at $1.34. Chart: TradingView

Two commentators argued in a recent podcast that $1,000 per XRP could be reached within four to five years. Their reasoning pointed Bitcoin is a history of exceeding expectations, and the role that news and mass adoption play in crypto prices.

However, critics were quick to challenge the math. A $1,000 price for XRP would push the stock’s total market capitalization to somewhere between $50 trillion and $100 trillion — a figure that dwarfs the entire US market. XRP bulls often argue that the market cap is not a reliable ceiling for crypto assets.

Collaborative Reading

The Dream Argument Has Many Legs

What makes the current debate so difficult to argue with is how crypto skeptics have been proven wrong. Schwartz’s 2016 Reddit comments were recently shared by the community to show how market expectations can change. What seemed mathematically impossible has, in many cases, been done.

Whether the $1,000 XRP is in the same category is still an open question – only the market will settle.

Image taken from Unsplash, chart from TradingView





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *