American exchange Uphold sparks excitement by speculating on XRP reaching $1,000, prompting lively community reactions amid the token’s recent price surge.

The crypto market is experiencing renewed bullish momentum as Bitcoin returns to the $60K range for the first time in nearly a month. Among the beneficiaries of Bitcoin’s resurgence is XRP, the seventeen biggest crypto.

Specifically, XRP has advanced impressively from a low of $0.5564 yesterday to $0.5802 early today, which marks a growth of over 4.2%. Meanwhile, when looking at XRP’s price action over the weekly timeframe, the asset is up more substantially by over 10%.

As XRP continues its steady performance, optimism in the crypto community is growing. The prominent pro-XRP exchange Uphold is fueling further excitement by speculating on XRP reaching the bold price target of $1,000.

When XRP Hits $1,000…

On Friday, Uphold sparked a conversation about XRP potentially reaching the extraordinary price point of $1,000. For context, XRP is currently valued at around $0.5780. Achieving a price of $1,000 would require an extraordinary growth of 172,910%.

Such a milestone would undoubtedly create a wave of new millionaires. For instance, anyone holding just 1,000 XRP, worth $578 today, could see their holdings grow to $1,000,000 if XRP reached the $1,000 mark.

In a recent post on X, Uphold engaged with the community by asking, “XRP just hit $1,000. What’s your next move?” 

The question quickly went viral, gathering nearly half a million impressions in less than 24 hours. XRP enthusiasts shared a range of responses about what they would do if the dream of a $1,000 XRP became a reality.

Let's try this again…$XRP just hit $1,000. What's your next move? pic.twitter.com/7PxnXswVjh

— Uphold (@UpholdInc) September 13, 2024

Proposed Lifestyle with $1,000 XRP

X user Eastlos Shaman commented that he would sell some of his XRP to pay off his car loan and provide a better lifestyle for himself and his parents while holding on to the rest. 

Another investor, Norberts, expressed a similar sentiment, stating that his first move would be buying a new car.

Considering the life-changing wealth that such a price point could offer, user Tboone humorously mentioned that he would start an aerospace company, self-fund it, and secure contract work. Others joked about hiring an attorney due to the immense wealth they would wake up to. 

Meanwhile, some users even joked they would need to double-check if the $1,000 price wasn’t a glitch.

This sentiment draws from the repeated history of XRP price glitches in recent months, where XRP has reportedly traded as high as $62,000 on some platforms while its prevailing value was around $0.5.

Skeptics Weigh In

While many enjoyed the speculative discussion, some critics were more cautious. They argued that XRP should first surpass $1 before targeting as high as $1,000. This sentiment results from the fact that XRP has been trading below $1 for over three years.

According to the 99 Year Golden Eagle Model, which solely considers XRP’s utility as a medium of exchange, the fair market value of XRP extends to five digits. 

XRP has lagged relative to the broader crypto market since it dropped from the $3.31 all-time high in January 2018. However, some market watchers attribute this underperformance to the SEC lawsuit, which ran from December 2020 to August this year.

Other price suppression theories have also emerged. Consequently, industry commentators believe the current XRP market price is far below its fair market value. As a result, last year, Valhil Capital execs pooled multiple valuation models to determine this fair market value.

The 99 Year Golden Eagle Model

A model developed by a business professional from India, known as the 99 Year Golden Eagle Model, projects XRP’s fair market value at an astonishing $13,386. This model approaches the valuation of XRP with a century-long perspective.

Unlike other models that incorporate XRP’s use as a store of value, the 99 Year Golden Eagle Model strictly focuses on XRP’s role as a medium of exchange. The model assumes that XRP will exclusively have utility in transactions and will not serve as an asset for speculative investments or long-term storage. 

It builds on the Quantity Theory of Money. Notably, with this, the model highlights XRP’s fast and efficient transaction speed on the XRP Ledger, processing at a rate of 1,500 transactions per second (TPS).

XRP Supply Probabilities 

The model also features a probabilistic scenario calculation, weighing potential outcomes based on various circulating supply levels. 

The scenarios cover possibilities such as the total supply of 100 billion, liquid supply of 83 billion, and future liquid supply of 36.9 billion XRP. It also considers the possibility of the removal of much of XRP’s supply for other purposes, such as long-term holds.

The model also assumes that XRP will face competition from other networks, capturing only 54% of the market over the 100-year period. Its projections suggest that XRP’s transactional value will rise gradually, with significant gains occurring in the later stages of adoption.

By 2030, the model predicts XRP’s utility-driven market share will handle $28.5 trillion in global trade annually, with the value exchanged via transactions on the ledger expected to reach $83.2 quadrillion. 

It assumes a circulating supply of 85 billion XRP, and a steady transaction velocity of 1.18, based on XRP’s ability to process multiple transactions. As a result, the projected value for XRP by 2121 stands at $13,386.

Limitations 

Despite this optimistic outlook, the model has its limitations. It doesn’t account for price impacts due to speculative interest, nor does it consider potential new use cases that might arise over the course of the century. 

The model takes a conservative stance by focusing solely on XRP’s transaction utility, meaning the true price could be even higher if such factors are considered.

A prominent market analyst shares several XRP charts across multiple timeframes that suggest a bullish trend might be on the horizon. 

Using the Sharp Shooter Candles indicator, the analyst noted that XRP has already signaled a buy on the 8-hour chart, with a “buy pending” on longer time frames, including the 1-day, 2-day, and up to the 3-week chart. 

Specifically, on the 3-week chart, this “buy pending” signal reveals XRP’s bullish tendency over the long-term. Notably, it indicates that while XRP has not fully confirmed a breakout, key indicators suggest that it could be primed for a major move upward.

The 3-Week Chart

At the time of the analysis, XRP changed hands at $0.5642, hovering above the psychological support level at $0.50 on the 3-week time frame.

The buy pending signal in this time frame suggests that the market is watching for a decisive upward move, which may be triggered if XRP breaks through the first major psychologically important resistance level at $0.60. 

Beyond this point, the next critical roadblock to breach is around $0.62. If the price successfully breaks above this area, the long-term target sits near $0.70. Interestingly, this area has acted as a strong barrier for XRP following its collapse in March.

Notably, the market has yet to fully commit to an upward move. With XRP currently sitting just below the $0.57 mark, crossing this threshold could validate the buy pending signal, paving the way for a rally toward $0.60.

However, if XRP fails to break through these resistance levels, it could retest the support at $0.50. A fall below this would bring $0.48 into play. Nonetheless, given the strength of the buying signals, this scenario seems less likely unless broader market conditions deteriorate.

Responding to the analysis, market watcher Jesse Olson echoed the “probably nothing” mantra. However, he further charged that there is “definitely something” brewing for XRP within these charts.

Probably nothing but definitely something $XRP https://t.co/1GZzYWE3uW

— Jesse Olson (@JesseOlson) September 12, 2024

XRP Short-Term Outlook 

Meanwhile, in the near term, XRP’s price has climbed to $0.5705 at the time of writing. The Ichimoku Cloud indicator shows that the price is battling the upper limits of the cloud, a region that typically represents uncertainty or consolidation. 

XRP has touched the cloud’s top boundary, which sits around $0.57, and if the price closes above this level, it could confirm the start of a bullish trend. The next resistance above the cloud lies near $0.60, as revealed by the 3-week chart. 

The Stochastic RSI is currently deep in the overbought territory, with a value of 82.81, while the signal line is at 70.26. As a result, XRP might experience a short-term pullback before continuing its upward trajectory. 

However, it’s worth noting that overbought conditions can persist in strong uptrends, meaning XRP could still have more room to run before any significant correction occurs. A key support level to watch is $0.55, which could act as a pullback zone should XRP face short-term resistance. 

Market analyst EGRAG shares an optimistic forecast for XRP, leveraging pointers from the Super Guppy indicator to project a rally to greater heights.

Notably, analysts typically use this technical Indicator to identify trend reversals and potential breakout opportunities. Interestingly, EGRAG found that the tool suggests XRP may be gearing up for a massive price surge, similar to its previous bull runs.

The XRP Super Guppy Indicator

EGRAG highlighted the Super Guppy on a 5-day XRP chart, which has persistently provided reliable signals for major price movements. According to the analyst, the indicator uses two sets of moving averages with varying time periods to pinpoint potential shifts in market trends. 

EGRAG drew attention to is the nature of XRP’s price action, which follows certain patterns. Specifically, it has trailed the repeating pattern of large downturns (marked in red) followed by exponential price increases (represented in green).

As seen in the 5-day chart, the first major red downturn began in May 2015 and ended in February 2017. This bearish period marked a long consolidation phase for XRP, with prices stagnating below $0.01. 

However, once the red phase completed and the green phase commenced, XRP experienced a parabolic surge. By January 2018, XRP had rocketed to an all-time high of $3.31, marking a staggering increase from its February 2017 low of $0.005.

XRP’s 2021 Uptrend

After peaking at $3.31 in January 2018, XRP retraced, entering another extended red downturn starting in November 2018. This bearish phase persisted until June 2020, when XRP reached a low of $0.1769. 

Notably, the following green phase started in October 2020, sending XRP as high as $1.96 by April 2021. However, it faced a correction before it could reach its previous all-time high. This correction culminated in the third downturn designated by the Super Guppy.

Now, with the completion of a third red downturn, EGRAG argues that XRP is set for another mega rally. The analyst draws parallels between the historical price action of XRP and the current setup, implying that the market may be gearing up for a surge similar to the 2017-2018 bull run.

Projected XRP Targets

EGRAG also mapped out potential price targets for XRP. His ultimate target is an ambitious $99, which he bases on Fibonacci extensions and historical market behavior. Meanwhile, key milestones along the way include $3.37 and $13.69. 

According to his theory, XRP is likely to follow the familiar path of a long red duration (bear market) followed by a strong green phase (bull market), with multiple stages of bullish momentum potentially leading to this lofty price target.