The host of 24HrsCrypto, an XRP community-driven media account, has outlined reasons he is confident XRP would reach $100, taking a page from Bitcoin’s (BTC) history.
Several XRP community figures have suggested that XRP is capable of clinching the $100 price zone. The ambitious nature of this forecast has not deterred these individuals. Former Ripple developer Matt Hamilton said last June that he does not see any reason why XRP cannot reach $100 at some point in the future.
In addition, former Ethereum advisor Steven Nerayoff agreed XRP is capable of hitting $100. The host of the 24HrsCrypto media account is the latest to express confidence in this milestone. However, to make his forecast more credible, he cited several reasons.
The rationale rests on Bitcoin’s journey over the years. Taking to X today, the analyst shared a CoinMarketCap (CMC) price chart detailing BTC’s price 13 years ago. Notably, Bitcoin changed hands at $0.0602 with a volume of $11,538 on Sept. 22, 2010.
Like it or not, #XRP will reach $100.
1000% #BTC
Fees surging beyond $10-$35
Transactions taking over 48 hours.
Still zero adoption worldwide.
BTC bad for the environmentThis thing went from $0.01 to $69k?!
OKAY.
Goodnight ??#XRPCommunity #XRPArmy pic.twitter.com/uFycO0RG1Y— ??????????? (@24hrscrypto1) November 18, 2023
The asset traded at this price exactly four months after Laszlo Hanyecz paid 10,000 BTC tokens for two pizzas from Papa John’s on May 22, 2010. This historical context sheds light on Bitcoin’s journey from a near worthless coin to an asset currently valued above $36,000.
The CMC chart suggested that BTC has an all-time appreciation rate of 58,925,325%. The host of the 24HrsCrypto channel sees no reason why XRP cannot post similar gains in the future. This reasoning serves as the basis for his $100 price forecast for XRP.
Bitcoin Technology Compared to XRP
The market commentator compared Bitcoin’s technology with the XRP Ledger’s (XRPL) in an effort to underscore the superiority of the XRPL. He noted that Bitcoin’s fees can surge to a range of $10 to $35. However, XRP maintains an average transaction cost of $0.0002.
Also, he claimed that Bitcoin’s transactions could take over 48 hours to complete. While the actual average time for a Bitcoin transaction is 10 minutes, this is still much higher than an XRP transaction, which typically takes two to eight seconds to complete.
He also alleged that Bitcoin boasts zero adoption globally, a claim other analysts have contested, given the surging institutional interest in the asset. Nonetheless, XRP also witnesses similar interest, especially due to its appeal as an efficient means for value transfers domestically and internationally.
The analyst also noted the environmental impact of Bitcoin mining, whereas XRP maintains a status as one of the most environmentally friendly assets. In his view, if BTC could soar from $0.0602 to $35K despite its shortcomings, XRP has the ability to rise from $0.60 to $100.
However, this should not serve as financial advice, as the crypto market remains unpredictable, and there is no guarantee that XRP can hit this target. Notably, some individuals pointed out the difference in supply as the hindrance to a similar surge in XRP’s price.
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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