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Cryptocurrency News Articles
Can XRP Reach $100? Exploring the Chances for Major Gains in the Future
Oct 12, 2024 at 12:01 am
XRP is still an immensely popular cryptocurrency despite having relatively poor price action in the last few years.
Despite XRP's remarkable popularity among crypto enthusiasts, its price performance in recent years has left much to be desired. As a result, many XRP investors are eagerly anticipating a significant price increase in the future. One burning question on their minds is whether XRP has the potential to reach an astronomical price of $100.
In this article, we will delve into the likelihood of XRP reaching $100 and explore some of the key factors that could influence its price trajectory. We will also examine some bullish catalysts for XRP and conclude with a long-term XRP price prediction from CoinCodex.
Let's begin our analysis.
Can XRP reach $100? The chances are extremely slim
To assess the possibility of XRP reaching $100, we need to consider several crucial aspects, including XRP's total and circulating supply, which would play a significant role in determining its market capitalization at an XRP price of $100.
Let's start with some simple calculations:
* XRP has a maximum supply of 99.99 billion coins, which means that the market capitalization of XRP at a price of $100 per XRP would be $9.99 trillion. This would be significantly larger than the highest market cap ever reached by the cryptocurrency market, which was just over $3 trillion.
* Currently, the circulating supply of XRP is 56.56 billion coins, which would imply a market capitalization of $5.65 trillion at an XRP price of $100. This would still be substantially larger than the highest ever combined market cap of the entire crypto market.
Just from these two simple calculations alone, we can see that XRP reaching a price of $100 is not a likely scenario.
To add to that, we should also consider that XRP has never even come close to reaching a price of $100. At its historical peak in January of 2018, XRP set an all-time high of $3.50. Even at that price, an additional 28.5x price increase would be required to reach $100.
We should also point out that XRP hasn't traded at $1 or above since 2018, despite the major cryptocurrency bull market in 2021. This further shows that $100 is not a realistic price target for XRP at the moment.
To better visualize what different price levels would mean for the market cap of XRP, let's quickly calculate what the coin's market cap would be under various price and supply assumptions.
*Calculations involving the circulating supply assume a 56.56 billion circulating XRP supply (as of October 11, 2024).
*Calculations involving the total supply assume a 99.99 billion XRP supply.
Bullish catalysts for XRP
Although a $100 price tag is out of the question for XRP at the moment, this doesn't mean that XRP has no potential for price appreciation. Let's explore some of the key factors that could drive upwards momentum in the XRP price.
Positive developments in the Ripple vs. SEC lawsuit
One of the biggest factors why XRP has been performing so poorly in the last 5 years despite a full-blown crypto bull market in 2021 is the ongoing legal battle between Ripple and U.S. securities regulator SEC, which began in December of 2020.
Although the SEC is making multiple allegations against Ripple, the crux of the issue is that the SEC considers XRP to be an unregistered security issued by Ripple. Meanwhile, Ripple is arguing that XRP is not a security and shouldn't be treated according to securities laws.
In August of 2024, Ripple scored a major victory in the legal battle as a judge ordered Ripple to pay $125 million in penalties despite the SEC seeking a much larger amount ($2 billion). Although this was certainly a very positive development for Ripple and XRP, the legal battle with the regulator is not yet over.
In October of 2024, the SEC appealed a 2023 federal ruling which stated that XRP was not a security.
Whether we like it or not, the developments in the legal battle between Ripple and the SEC will likely play a substantial role in XRP price action moving forward.
The RLUSD stablecoin
Another positive development for XRP is that Ripple is preparing to launch a dollar-pegged stablecoin called Ripple USD, or RLUSD. This stablecoin, which will be available on both the XRP Ledger and Ethereum, will be redeemable for US dollars on a 1:1 basis.
Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading – please
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