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Could XRP Ever Hit $1,200? Here’s the One Reason It Might Not
The possibility of XRP reaching a price of $1,200 has sparked intense debate within the crypto community. The idea gained traction after market analyst Steph tweeted a chart detailing Bitcoin’s meteoric rise from $2 to $1,200 between 2012 and 2014. While some believe it’s feasible for XRP to follow in Bitcoin’s footsteps, others argue that the sheer scale of such an event is impossible.
One significant obstacle preventing XRP from reaching this target price lies in its circulating supply. According to data, Ripple has a total circulating supply of 57.25 billion tokens. If we assume a $1,200 price for each token, the total market capitalization would reach an astonishing $68.7 billion.
This figure is staggering when compared to Bitcoin’s market capitalization at its peak in 2013. At that time, Bitcoin had a circulating supply of just 12 million tokens, which translates to a much smaller market cap of around $14.4 billion.
It’s important to note that XRP’s stablecoin launch has the potential to propel its price upwards, as some industry experts believe. However, even with this catalyst in place, it remains unclear whether the global currency supply can support such an enormous increase in value.
The statistics presented paint a stark contrast between Bitcoin and XRP’s market capitalization scenarios. It’s clear that the sheer scale of XRP’s circulating supply makes it highly unlikely for the token to reach a price of $1,200 without drastically altering the global financial landscape.
Source: www.crypto-news-flash.com
