XRP price faces resistance in its recent uptrend after failing to breach a critical hurdle at the $2.30 resistance level. Despite its sideways movements in recent months, the Ripple community anticipates that XRP token will soar to $100 and outperform the rest of the market. In this article, we explore various reasons why $100 is not a realistic target.
Reasons Why XRP Price at $100 is Unrealistic
One of the reasons why $100 is an unrealistic target for XRP value today is because of the token’s staggering supply of 58 billion tokens. If Ripple surges to $100 with this supply, it will attain a $5.8 trillion market cap that will be three times higher than Bitcoin’s current market cap of $1.8 trillion.
Secondly, for XRP to reach $100, the price would have to surge by more than 4,400% or by 45 times from its current price, which is a rally that could take many years to manifest, if it ever does. Even with the potential Ripple integration with SWIFT, Ripple cannot realistically reach $100 by the end of 2025 or in the next two years by posting a 45x rally.
Meanwhile, Standard Chartered recently released its XRP price forecast, and it did not mention $100 as one of the targets, Instead, it stated that Ripple could surge 6x from its current price and possibly reach $12 in the next three years. This target would give Ripple a market cap of $696 billion, which is more realistic and would make XRP the biggest altcoin if Ethereum continues to underperform.
XRP Technical Analysis
On the daily chart, XRP price faces strong resistance at the PoC line of $2.55, where trading volumes were previously high. If Ripple can overcome this resistance level, it could ignite an uptrend and setup a higher high of $2.55, kickstarting a bullish reversal.
The RSI line is also tipping north after bouncing from 50, which indicates that the ongoing bullish momentum is gaining strength. If the RSI maintains this upwards trajectory, the ensuing rally could push XRP price to $2.94 or $3. Beyond this, Ripple (XRP) may rally towards the all-time high price of $3.40.
Nevertheless, XRP price has been tracking Bitcoin in recent weeks, and if the trend in the broader market weakens and sellers regain control and cause the RSI to drop below 50, Ripple might re-enter a downtrend. If Ripple falls below this support zone, traders should anticipate a retest of the support level of $1.79.
Therefore, considering the high supply of 58 billion XRP tokens, the price getting to $100 is not an achievable goal, because at this price, Ripple would have a $5.8 trillion market cap. However, Standard Chartered believes that XRP can reach $12 in the next three years, while the daily chart shows bullish momentum is growing strong, which might push Ripple past $3.
The post Here’s Why Expecting XRP Price at $100 is Unrealistic appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed