thecryptobasic.com
A prominent cryptocurrency analyst explains how $XRP being valued at $1,000 per unit is peanuts.
JackTheRippler, a top crypto analyst, has made bold assertions about $XRP price hitting $1,000. In a tweet today, JackTheRippler said $XRP changing hands at a whopping $1,000 per unit is “peanuts.”
The top cryptocurrency analyst asserted that $XRP is not a share nor a stock. According to JackTheRippler, $XRP is a utility protocol designed to tokenize value across diverse markets, including commodities and derivatives markets.
Furthermore, JackTheRippler said over $1.2 quadrillion worth of assets across these markets need to be tokenized. He explained that the derivatives market alone is valued at around $500 trillion.
Consequently, he speculates that if $XRP can capture 10% of one of these markets, like the derivatives market, the cryptocurrency will be valued at a whopping $50T.
Aside from the derivatives market, JackTheRippler said there are other markets, including housing, debt, and commodities, that are worth at least $1.2 quadrillion, which $XRP can also account for a significant share.
In this regard, JackTheRippler said $XRP being valued at $1,000 per unit is nothing but peanuts.
$XRP is NOT a share/stock. It is a Utility protocol to tokenized value. There are over $1.2 Quadrillion to be tokenized. The Derivatives market is $500 Trillion alone!
$XRP to capture just 10% of one market is already at $50T. There is also the housing market, the
shares market,… pic.twitter.com/m9HKTpNzLM— JackTheRippler ©️ (@RippleXrpie) July 4, 2023
$XRP Community Members React
Interestingly, JackTheRippler’s analysis stirred reactions from $XRP community members. Many enthusiasts are excited that a top analyst like JackTheRippler would speculate that $XRP could hit $1,000 in the future.
However, some $XRP enthusiasts saw the analysis as a prayer request that needed divine intervention to come to pass.
amen
— pecinta_kripto (@inv_kripto) July 4, 2023
From your lips to Gods ears.
— Ben (@BenMarkus1973) July 4, 2023
$XRP Current Performance
Meanwhile, $XRP has been trading between the price levels of $0.48 and $0.49 in the past few days. At the time of writing this line, $XRP is changing hands at $0.486, up 1.1% in the past 24 hours.
According to CoinGecko data, $XRP is up 0.7% and 0.9% in the past 7 and 14 days, respectively. Similarly, $XRP has a market value of $25.4 billion.
SEC Vs. Ripple Lawsuit Hurting $XRP Price
The price of $XRP has remained predominantly low due to the ongoing lawsuit between the SEC and Ripple. Notably, the judge has yet to issue a verdict six months after the parties completed summary judgment briefings.
The ruling is expected to come at any time. A positive ruling for Ripple and $XRP could propel the coin’s price to spike. However, a verdict favoring the SEC could plunge the $XRP price below its current level.
Interestingly, the community, including attorney John Deaton, expects that Judge Analisa Torres will address $XRP secondary market sales in the upcoming summary judgment.