In a noteworthy display of optimism, the highly regarded cryptocurrency analyst known as JackTheRippler expressed his view today that the price of the XRP Ledger’s native token, $XRP, could escalate to $1,000, a valuation he characterizes as “merely trivial.”
The popular cryptocurrency analyst revealed in a tweet shared with his over 100,000 followers on the microblogging platform he believes XRP shouldn’t be regarded as a typical stock or share. Instead, he posited that it is a utility protocol designed to encapsulate value across a vast range of markets, from commodities to derivatives.
Adding to his argument, JackTheRippler claimed that a staggering $1.2 quadrillion in assets across these sectors are waiting to be tokenized, with the derivatives market alone holding an estimated worth of around $500 trillion.
Extrapolating from this, he speculated that if XRP were to capture 10% of a single market, such as the derivatives sector, its market capitalization would skyrocket to $50 trillion.
Other markets, including housing, debt, and commodities, represent at least $1.2 quadrillion in potential assets for tokenization, according to the analyst. As such, he reiterated his stance that an XRP valuation of $1,000 per unit would be a drop in the bucket.
JackTheRippler’s audacious projection provoked a flurry of reactions from the XRP community. Many enthusiasts rejoiced at the notion that someone would predict such an impressive future for XRP.
Yet, not all in the XRP community are convinced, with some viewing JackTheRippler’s lofty prediction as more of a pie-in-the-sky dream requiring nothing short of a miracle to become reality.
Despite JackTheRippler’s bold prediction, many seasoned market observers remain skeptical, cautioning that such a meteoric rise for XRP may not be realistic. They point to the myriad of regulatory, market, and technological hurdles that Ripple’s digital token would have to overcome to reach such elevated levels.
As CryptoGlobe reported, after the price of XRP tumbled last month, large cryptocurrency investors, colloquially known as whales, bought the dip, accumulating over 360 million tokens.
This isn’t the first time this year whales on the XRP Ledger accumulated during a downturn. As CryptoGlobe reported, back in March data from Santiment showed there were 50 new whale addresses on the XRP Ledger holding between 10 million and 100 million XRP.
Notably, a discernible pattern in the activity of daily active addresses might indicate that the native token of the $XRP Ledger, XRP, is setting the stage for a significant price pump. The pattern has seemingly been spotted on multiple occasions in the past, leading to notable spikes.
According to popular analyst Ali Martinez, the last three XRP price pumps were preceded by notable spikes in the asset’s address activity. Per the data the analyst shared, XRP saw a significant increase in daily active addresses on January 6, 7, and 11 when it was trading slightly above the $0.3 mark. These observable spikes in daily address activity were immediately followed by a substantial increase in the value of XRP.
Over the last few days, as Ali highlights, XRP has seen the number of daily active addresses remain above the 130,000 mark, which suggests that, based on its historical pattern, its price could soon surge.
Featured image via Pixabay.