Forbes senior contributor Billy Bambrough has argued that the crypto market is on the cusp of an imminent and potentially game-changing development with XRP at the center of impact.
According to the Forbes senior contributor, it is a $3 trillion watershed moment. He believes it could propel XRP to new heights, causing a price “panic” in the market.
According to Forbes, there is a significant event on the horizon, often referred to as a ‘Watershed Moment,’ which could potentially result in a 300% price surge in the crypto market. This surge has the potential to impact major cryptocurrencies like Bitcoin, Ethereum, and XRP significantly.
Imminent $3 Trillion ‘Watershed Moment’—300% Crypto Price Shock Could Be About To Blow Up Bitcoin, Ethereum And XRP https://t.co/itNSaH7wF8
— Forbes (@Forbes) November 1, 2023
$3 Trillion Watershed Moment
Bambrough first highlighted that Bitcoin’s rally above $35k ignited a broader surge in digital assets such as XRP. He noted that the rally contributed a $300 billion top-up on the overall market valuation. Meanwhile, he cited top analysts contending that this substantial shift into the crypto market may not even be fully “priced in” yet.
In particular, Bambrough disclosed that experts forecast a potential price explosion for Bitcoin in the coming years. One of the projections is that Bitcoin will reach $150,000 by 2025, potentially equating to a market cap of $3 trillion.
According to the Forbes contributor, this bullish outlook is driven by the anticipation of a flood of Bitcoin spot exchange-traded funds (ETFs) entering the market.
Furthermore, Bambrough cited Gautam Chhugani, a Bernstein analyst, who expressed optimism about a forthcoming cycle turn for Bitcoin. Chhugani mentioned that imminent SEC approval for ETFs for prominent asset managers could be a significant catalyst.
Emphatically, Chhugani anticipates a regulatory nod for ETFs as a “watershed moment” for crypto, possibly by late 2023 or early 2024.
Moreover, the Forbes contributor pointed out the optimistic statements of Markus Thielen, a senior strategic researcher at Matrixport. Thielen predicts the current Bitcoin rally could approach $60,000 before the year ends.
On the other hand, Bambrough commented on the upcoming Bitcoin halving event expected by April 2024. He noted Bitcoin halving could shake the market, challenging medium-scale Bitcoin miners.
In parallel, Matrixport’s Thielen believes the spot demand for Bitcoin via ETFs post-halving could significantly outpace miner selling. The researcher suggested that by 2028, Bitcoin ETFs could represent 9-10% of the spot Bitcoin in circulation.
XRP’s Fate in Such Situations
Notably, the Forbes senior contributor consented that the potential $3 trillion projected for the Bitcoin market has far-reaching implications for XRP. Where Bitcoin grows 324% to $150k, XRP is expected to engineer a similar trajectory, as Forbes’ Bambrough hinted.
XRP growing 324% would put its price at $2.1999. It is worth mentioning that prominent market analysts have projected a more bullish outlook for XRP. They expect the digital asset to be in double digits in the coming years.