Analyst Questions $1,000 XRP Forecast
While XRP enthusiasts celebrated the possibly life-changing price surge, TruthLabs, a crypto analyst, criticized Uphold for its grandiose expectations. The analyst called the crypto exchange an XRP booster, doubting its $1,000 XRP price claim.
He said XRP's market value must expand to $100 trillion to reach $1,000 from $0.5. XRP's market worth is $32.9 billion, making a $100 trillion goal seed unlikely.
The worldwide market value of all cryptocurrencies is $2.04 trillion, according to TruthLabs. To reach $1,000, XRP would need a market capitalization greater than that of all other cryptocurrencies, including Bitcoin (BTC), the biggest cryptocurrency by market cap.
TruthLabs compared Uphold's estimates for XRP to penny stock promoters' hype, which exaggerates low-cost stocks' potential worth to entice naive investors. As Upholds' XRP price claims were irresponsible, the expert warned that investors may make financial actions based on false expectations.
XRP Backers Respond
TruthLabs attacked Uphold for its unreasonable XRP price prediction, while many XRP advocates slammed the analyst for utilizing market capitalization. “Truth is anyone who brings market cap to the conversation isn’t worth having a conversation with,” said one XRP supporter.
The crypto member advises determining XRP's price by its utility, which is the total value or volume of transactions on the XRP Ledger (XRPL) divided by the circulating quantity.
