The possibilities of how high the XRP price can go have sparked heated debate among members of the crypto community over the past week. One specific prediction states that the price of the cryptocurrency could reach $10,000 as Ripple makes progress in the payments sector. However, the validity of this prediction is still heavily debated, leaving crypto analysts wondering if this price is possible.
Analyst explains why $10,000 is not possible
One analyst who has spoken out on the XRP price to $10,000 debate is Zach Rector. Following the spread of predictions that the altcoin could rise to this level, Rector came forward to explain why he doesn’t believe the XRP price can rise that high.
In the after that was done on X (formerly Twitter), Rector points to a currency reset and debt restructuring as the reason behind his belief. According to him, both a currency reset and a debt restructuring would have to take place for the altcoin to mount such a rally.
Moving on, Rector points out that both of these are happening before the cryptocurrency could even rise to a much lower price level of $50. So he believes that instead of making such price predictions, the question should be asked: “How high will XRP go before we have a RESET?”
Another However, they believe that this will only happen if the current high inflation rates are maintained. In a follow-up tweet, the user gives XRP a 5% chance of actually reaching $10,000.
“$10,000 is possible, but that would be assuming we maintain this disastrous inflation rate, XRP becomes the global currency of choice for cross-border payments without competition, and tokenization occurs and at least 10-20% of one of the top 10 markets worldwide uses XRP” , the tweet is reading.
Why the sudden increase in XRP price?
Both indicators and investors turned bullish on the subsequent XRP price for the first time Ripple’s victory over the US Securities and Exchange Commission (SEC) in July. The price of the currency had risen by more than 60% in the days following the ruling, while interest rates soared.
The token’s rally has since slowed, wiping out most of the gains from the ruling. However, crypto analysts remain optimistic. One analyst estimated the XRP price at $130, while the other placed the price at $130 Analysts see the price rising to $500.
XRP’s trading volumes, which have remained almost consistently above $1 billion, also show that investors are deeply invested in the coin. This continued bullishness is further fueled by Ripple’s performance in the payments sector, as well as its collaboration with several countries on their Central Bank Digital Currencies (CBDCs).
XRP steadies above $0.51 | Source: XRPUSD on Tradingview.com
Featured image from Yahoo Finance, chart from Tradingview.com
