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A prominent market analyst believes that the prediction of $6 per coin for the XRP cryptocurrency, as claimed by some experts, is too conservative.
Crypto Bitlord suggested that the real target for XRP is $589 per coin, adding that skeptics are “not delusional enough” about this target.
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3-digit XRP price
Data shows that XRP is the best-performing cryptocurrency in the Trump-led digital asset bull market. So, market experts are once again floating the idea of $589 per coin.
Crypto Bitlord claims that the real target price for XRP is $589, not $6 as some commentators have said, and those who dismissed this triple-digit target are not ambitious enough he added.
Not enough delusions about price targets $XRP $589
— Crypto Bitlord (@crypto_bitlord7) December 16, 2024
The cryptocurrency analyst maintained that the price predicted by multiple market observers is a conservative estimate and believes $589 per unit is very achievable.
Previously, Crypto Bitlord had already stated that XRP will reach triple-digit prices. But it received disparaging remarks from investors who insisted it was an ambitious dream.
With crypto assets currently performing so well in the bull market, Crypto Bitlord was able to hit back by calling them “delusional” enough.
XRP's market cap is currently $136 billion. Chart: TradingView.com
Smoking crack?
Some traders in the XRP community do not share the same vision as Crypto Bitlord and believe that the $589 goal is unattainable.
Earlier this month, another crypto analyst, Tony Edwards, downplayed the $589 target, calling it “fantasy.”
Edwards claimed that the coin's astronomical price predictions were delusional, saying, “People asking for $589, $1,000, or $10,000 are 'smokers.'”
my $XRP The price target for this cycle is $5 to $8. There is a possibility that it will go up a little more, but I'm going to be conservative to be on the safe side. People who are asking for $589, $1,000, $10,000 are smoking crack. pic.twitter.com/joXwhGcxMq
— Tony Edwards (Thinking Crypto Podcast) (@ThinkingCrypto1) December 2, 2024
Other analysts said triple-digit prices would only be realized if the market capitalization of cryptocurrencies reached $33 trillion, which they said would be larger than the consolidated market capitalization of the top 20 U.S. companies. Ta.
Edwards estimated that the price increase would push XRP between $5 and $8.
XRPUSD price has increased by 121% in the last month. Source: Coin Gecko
Altcoins are performing well
Data reveals that XRP is benefiting greatly from the ongoing crypto bull market propelled by Donald Trump's retaking of the White House.
Last month, the cryptocurrency's price soared 283%, but in mid-December it had already soared 23% to almost $3.
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A CNBC report called XRP the “biggest winner” of the Trump-led crypto rally. According to CNBC, the price of XRP has soared 370% since Trump won the US presidential election, outpacing the broader digital asset market.
By comparison, the overall crypto market is up 91%, while Bitcoin is up only 45% over the same period.
At the time of writing, XRP is trading at $2.36 and has a market capitalization of $136 billion.
Featured images from TradingView, charts from TradingView
