Following the victory of XRP against the SEC, market participants have envisioned a massive rally for the asset with hopes of witnessing it make millionaires out of investors.
XRP has taken center stage due to its landmark victory against the U.S. SEC. Recall that the court ruled that XRP in itself is a digital code and not a security, as opposed to the SEC’s claims. Following the ruling, XRP rallied by 98%. This surge has triggered hopes of a more impressive run.
XRP Rallied 98% in 4 Hours
XRP was changing hands at $0.4735 as of 15:00 (UTC) on July 13, just before Defense Attorney James Filan revealed the decision from the court on the SEC vs. Ripple case. Filan’s disclosure came up at 15:32 (UTC), triggering a chain reaction that led to an XRP explosion.
XRP rallied by 36% within the hour, hitting a high of $0.6472 before facing mild opposition. The asset staged a comeback, registering another 30% increase. XRP exploded to a high of $0.9380 at 18:00 (UTC). This marked a 98% increase in under four hours.
How Much Needed to be a Millionaire
The recent price spike demonstrated XRP’s potential to surge by unprecedented scales. This has triggered renewed speculations that XRP could make millionaires out of investors. However, how much would XRP need to surge to achieve this feat?
To assess how much XRP must rally to make millionaires out of investors, one must factor in the initial investment amount. Depending on the investment amount, XRP might have already made millionaires out of investors with its earlier 98% surge.
An investor with $505K worth of XRP, while the asset was trading at $0.4735, would have witnessed an appreciation in their investment to $1 million amid the XRP rally to $0.9380.
XRP at $3.5, $13, or $75
Nonetheless, given the current situation, market watchers have continued to project bigger rallies in the foreseeable future. For instance, Egrag, a prominent chartist, recently forecasted that XRP is close to breaking through a line of interest on the weekly chart.
#XRP Flip "THE LINE" (UPDATE):
?? The finish line is within reach! Together, let's unleash our collective strength and give it one final push! ?? Victory ?
Join the movement and let's soar to new heights! ? https://t.co/TA0bbhrnCf pic.twitter.com/rndlCHkS2Y
— EGRAG CRYPTO (@egragcrypto) July 13, 2023
According to the chartist, once XRP flips this line, it would set sail to a region he terms “Valhalla.” Egrag sets price targets of $3.5, $13, and $75.Â
Should XRP hit these targets, how much would an investor need to rake in $1 million? At its current price of $0.7890, an investor must commit $225,428 to procure 285,714 XRP. These 285,714 tokens would be worth $1 million if XRP ever hits $3.5.
However, if the $13 price forecast for XRP materializes, a mere 76,923 XRP tokens would be valued at $1 million. An investor would need $60,692 at current prices to procure these 76,923 XRP tokens. Also, if the ambitious $75 price comes into play, an investor would require just $10,519 to make $1 million.
Despite the recent momentum demonstrated by XRP, this should not serve as investment advice. Like the rest of the market, XRP’s price is subject to market conditions and could plummet or surge further.
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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