XRP Predicted To Break $1000, Really? This is how it really is!

Bittime - XRP is predicted to reach $1000 (around Rp. 15 million). However, there is something strange about this estimate. What really happened? Follow the review in this article.

A mysterious transaction occurred on the XRP Ledger network. Some observant members of the XRP community recently discovered a transaction that left many people stunned and wondering. 

The transaction shows that 5.911292 XRP is equivalent to 5,911 Ripple USD (RLUSD) tokens, as if the price of

XRP Confused Observers

Of course, this invites various speculation and confusion among crypto observers. How is it possible that XRP which is currently trading at around $0.59 (Rp. 8,909) suddenly has a thousand times the value? To clear up this situation, one of the XRP Ledger validators known as Vet spoke out via social media.

Balso: Crypto Whale Transfers 400 Million XRP

"Don't get me wrong, RLUSD will not make the price of XRP reach $1,000 (Rp. 15,100,000)," emphasized Vet in his upload on the X platform. 

He explained that the transaction that caused a stir was actually just an offer on the decentralized exchange (DEX) XRP Ledger. In this DEX system, the term “bid” is used for all types of trading orders.

Vet insists that this kind of trade offer is impossible to fulfill, as no sane person would be willing to trade 6,000 RLUSD just to get 6 XRP tokens. This is just an extreme example of the flexibility of the trading system on the XRP Ledger, not a reflection of the true value of XRP.

Please note, Ripple just started the private beta testing phase for their stablecoin last August. Vet explained that this horrendous transaction had nothing to do with the minting of RLUSD tokens. 

Minting of RLUSD tokens is only available to accredited individuals, although anyone can trade the tokens once they appear on the XRP Ledger.

XRP Price Predictions Are Too Optimistic

Overly optimistic price predictions are nothing new in the world of crypto. Currently, the XRP token is trading at around $0.59 (Rp. 8,909) according to CoinGecko data. If this token really reaches $1,000 (around Rp. 15 million), its market capitalization will jump to $56.79 trillion (Rp. 857.5 trillion). 

Also read: XRP Price Prediction 2024-2030: Potential to Break New ATH?

In comparison, Bitcoin, which is the largest cryptocurrency currently, is only worth $1.3 trillion (Rp. 19,630 trillion) at current prices. Even the entire S&P 500 market capitalization is only $45.8 trillion (Rp. 691,580 trillion).

However, some observers still make predictions that seem unreasonable. For example, Michael Saylor of MicroStrategy believes that the price of Bitcoin could reach $13 million (Rp. 196.3 billion) per coin. At that price, Bitcoin's market capitalization will reach $247 trillion (Rp. 3,729,700 trillion), a figure that is difficult to imagine today.

This phenomenon reminds us of the importance of being critical and careful in responding to information in the very dynamic crypto world. Although technological innovation continues to drive the development of digital currencies, it is important for investors and observers to remain realistic in assessing the growth potential of crypto assets.