As a cryptocurrency that started in 2012, Ripple exceeds traders’ expectations as it soars in growth and influence. For this article, we look at Ripple’s 2021 journey to success as it continues to move forward to reach an all-time high of $1,000.
According to Ripple’s market report, the crypto’s volume doubled in figures from a meager $2.26 billion to a whopping $4.49 billion. Among all cryptocurrency charts, XRP reported the highest volume in purchases.
Because of Ripple’s extraordinary performance, people start wondering about its potential growth in the long term. Some traders on Reddit expect XRP prices to increase to $10,000 by the end of the year.
However, some traders remain skeptical of the traders’ extreme valuations. A $1,000 valuation for XRP also entails a $13.2 trillion market capitalization.
This valuation also means that XRP needs to be significantly larger than Bitcoin, which has a $917 billion market capitalization.
This capitalization would entail that XRP would need to reach approximately 13 times the size of Bitcoin. This valuation makes the $1000 market price extremely difficult to reach.
Furthermore, since XRP is related more to financial institutions, the company would need to keep its value in the $1 range to establish credibility in processing large-scale transactions.
On the other hand, the potential for Ripple lies in inflation, in its possibility to increase in value as demand for the cryptocurrency increases.
Ripple also intends to expand its influence in many countries. Currently, India possesses fifteen cryptocurrency exchange platforms that make trading and selling easier.