One crypto analyst has taken a unique route when it comes to predicting the XRP price. The analyst who believes that the altcoin’s price is bound to cross the $100 level used Bitcoin’s performance to make the argument for why the token is well-positioned to reach triple digits.
Pitting XRP Against Bitcoin
In the forecast which was posted on X (formerly Twitter), crypto analyst 24HRSCRYPTO chose to put the performance of XRP up against that of Bitcoin, the largest cryptocurrency in the industry. According to the analyst, Bitcoin’s rise from $0.1 is proof that the altcoin can also rise to $100.
Furthermore, the analyst blasts the Bitcoin network for fees rising as high as $10 and even reaching $35, presumably putting XRP forward as the better choice since it is known for cheaper fees. Also, they point out the fact that transactions are slow on the BTC network, sometimes taking more than 48 hours to be confirmed. While in the case of XRP, it takes a few minutes for transactions to be confirmed.
Another factor that the analyst uses to place the altcoin over Bitcoin is the fact that adoption has not panned out the way enthusiasts expect. Although two countries, El Salvador and the Democratic Republic of Congo have accepted BTC as legal tender, the cryptocurrency is still a long way from mass adoption.
The last factor listed by the analyst is that Bitcoin is bad for the environment. This is presumably referring to the fact that there have been debates about how Bitcoin mining affects the environment, especially when it comes to carbon emissions.
Like it or not, #XRP will reach $100.
1000% #BTC
Fees surging beyond $10-$35
Transactions taking over 48 hours.
Still zero adoption worldwide.
BTC bad for the environmentThis thing went from $0.01 to $69k?!
OKAY.
Goodnight 🫶🏻#XRPCommunity #XRPArmy pic.twitter.com/uFycO0RG1Y— 𝟸𝟺𝙷𝚁𝚂𝙲𝚁𝚈𝙿𝚃𝙾 (@24hrscrypto1) November 18, 2023
When Will Price Cross $10?
Although there have been very bullish predictions for the XRP price, the $100 price point may still be far away. According to the price prediction from Changelly, the token’s price will not cross the $10 level until the year 2030. If this is the case, this will put the $100 target even farther out.
Taking out a particular timeframe, there are other analysts who expect the price of the altcoin to actually cross triple digits. One example of this is Well Fargo’s Shannon Thorp who puts the price as high as $500 following Ripple’s expansion in the cross-border payments sector.
One analyst known as Crypto Assets Guy also expects the XRP price to cross $100. According to him, the price of the altcoin could cross this target in the next 3-5 years.
The XRP price is currently seeing positive headwinds after bulls reclaimed control to place the price above $0.62. With its market cap of $33.46 billion, it remains the fifth-largest cryptocurrency in the space.
Token price resting at $0.62 | Source: XRPUSD on Tradingview.com
Featured image from Finbold, chart from Tradingview.com
Credit: Source link
