thecryptobasic.com
An XRP community commentator has triggered discussions around XRP’s potential to reach audacious price levels, dismissing market cap concerns.
These discussions have sprung up following XRP’s reclamation of the $1 territory for the first time in three years. Remarkably, the altcoin has since held above this price level, currently changing hands at $1.55 amid an impressive 206% increase in November.
With this bullish momentum, these ambitious targets have re-emerged, with market pundit Armando Pantoja recently suggesting an XRP price of $100 is possible, downplaying concerns around the resulting market cap.
ChatGPT Dismisses Market Cap Concerns for XRP Valuation
In the most recent commentary, software engineer and veteran developer Vincent made a similar case, insisting that AI supported the possibility of XRP reaching $10,000 per token. Nonetheless, his assertions triggered mixed reactions from the community.
Specifically, Vincent explained that he used ChatGPT to explore hypothetical scenarios involving XRP, including regulatory clarity, cross-border payments, and global monetary applications.
According to him, the AI concluded that XRP could plausibly reach $10,000 under certain conditions, dismissing traditional market cap concerns as irrelevant for crypto. For context, a price of $10,000 would imply a market cap of $570 trillion, a figure far exceeding global market norm.
Amid skepticism, Vincent encouraged others to engage AI in similar discussions and pose specific questions. He highlighted one scenario in which XRP’s strategic positioning could make it a candidate for global reserve currency status.
Is XRP Constrained by Market Cap?
Interestingly, several XRP proponents supported Vincent’s claims, questioning the relevance of market cap as a limiting factor for XRP.
Rookery Heart, a community member, argued that technological advancements like XRP’s low-cost, high-efficiency value transfer systems make market cap comparisons obsolete. He contrasted this with stocks, which command trillions in market cap without comparable utility.
Moreover, a trader also called market cap an outdated metric for assessing cryptocurrencies. According to him, crypto assets that serve as currencies or stores of value operate differently from traditional stocks, and clinging to old paradigms restricts forward thinking.
Further, investor Sono Coscienza noted that Bitcoin’s meteoric rise from $2 to $1,000 seemed equally implausible at the time. He argued that dismissing ambitious price predictions overlooks the potential of blockchain technology.
Community Pessimism
However, not everyone agreed with Vincent’s claims. Dr. Artur Kirjakulov, CEO of XPMarket, cautioned against relying overly on AI for financial predictions.
He pointed out that AI tools like ChatGPT can lean toward biases in the user’s questions, producing desired answers without deeper analysis. Kirjakulov urged the community to approach AI-generated conclusions critically, especially when dealing with speculative predictions.
Exactly, the issue is with question
If your question is biased, you will get the answers you want to get. It is just how it works.
I can easily make chatgpt agree with anything I say, even provide a source for that.— Dr. Artur Kirjakulov (@Kirjakulov) November 24, 2024
Another community member referenced Grok AI’s more conservative outlook on XRP, projecting a long-term price range of $4.80 to $65 under optimal conditions. Grok AI dismissed extreme targets like $10,000 as speculative.