A prominent cryptocurrency analyst explains how XRP being valued at $1,000 per unit is peanuts.
JackTheRippler, a top crypto analyst, has made bold assertions about XRP price hitting $1,000. In a tweet today, JackTheRippler said XRP changing hands at a whopping $1,000 per unit is “peanuts.”
The top cryptocurrency analyst asserted that XRP is not a share nor a stock. According to JackTheRippler, XRP is a utility protocol designed to tokenize value across diverse markets, including commodities and derivatives markets.
Furthermore, JackTheRippler said over $1.2 quadrillion worth of assets across these markets need to be tokenized. He explained that the derivatives market alone is valued at around $500 trillion.
Consequently, he speculates that if XRP can capture 10% of one of these markets, like the derivatives market, the cryptocurrency will be valued at a whopping $50T.
Aside from the derivatives market, JackTheRippler said there are other markets, including housing, debt, and commodities, that are worth at least $1.2 quadrillion, which XRP can also account for a significant share.
In this regard, JackTheRippler said XRP being valued at $1,000 per unit is nothing but peanuts.
XRP is NOT a share/stock. It is a Utility protocol to tokenized value. There are over $1.2 Quadrillion to be tokenized. The Derivatives market is $500 Trillion alone!
XRP to capture just 10% of one market is already at $50T. There is also the housing market, the
shares market,… pic.twitter.com/m9HKTpNzLM— JackTheRippler ©️ (@RippleXrpie) July 4, 2023
XRP Community Members React
Interestingly, JackTheRippler’s analysis stirred reactions from XRP community members. Many enthusiasts are excited that a top analyst like JackTheRippler would speculate that XRP could hit $1,000 in the future.
However, some XRP enthusiasts saw the analysis as a prayer request that needed divine intervention to come to pass.
amen
— pecinta_kripto (@inv_kripto) July 4, 2023
From your lips to Gods ears.
— Ben (@BenMarkus1973) July 4, 2023
XRP Current Performance
Meanwhile, XRP has been trading between the price levels of $0.48 and $0.49 in the past few days. At the time of writing this line, XRP is changing hands at $0.486, up 1.1% in the past 24 hours.
According to CoinGecko data, XRP is up 0.7% and 0.9% in the past 7 and 14 days, respectively. Similarly, XRP has a market value of $25.4 billion.
SEC Vs. Ripple Lawsuit Hurting XRP Price
The price of XRP has remained predominantly low due to the ongoing lawsuit between the SEC and Ripple. Notably, the judge has yet to issue a verdict six months after the parties completed summary judgment briefings.
The ruling is expected to come at any time. A positive ruling for Ripple and XRP could propel the coin’s price to spike. However, a verdict favoring the SEC could plunge the XRP price below its current level.
Interestingly, the community, including attorney John Deaton, expects that Judge Analisa Torres will address XRP secondary market sales in the upcoming summary judgment.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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