As a seasoned analyst with years of experience in the cryptocurrency market, I find myself constantly amazed by the unconventional transactions that occasionally surface within this dynamic ecosystem. The recent XRP transaction suggesting a price of $1000 per XRP token is yet another example that reminds us all to keep our feet firmly on the ground.
Members of the XRP community have recently noticed an unusual transaction taking place on the XRP Ledger, leaving some baffled.
The transaction shows that 5.911292 XRP is worth 5,911 Ripple USD (RLUSD) tokens. This suggests that the price of XRP stands at $1,000 given that the value of XRP is pegged to the US dollar.
Validator Vet, on various social platforms, aims to provide some transparency. In a recent post on X platform, they stated, “Contrary to speculation, RLUSD will not drive the price of XRP up to $1000.
He explained that this was simply an offer on the XRP Ledger’s decentralized exchange. On this DEX, the term “offer” is used for all trade orders.
It’s clear that such a trade order won’t be executed because it’s highly improbable anyone would exchange 6,000 units of RLUSD for just 6 XRP tokens.
Based on U.Today’s report, Ripple commenced the private testing phase for its stablecoin in August.
According to Vet’s explanation, the latest transaction has no connection with the creation of RLUSD tokens. Creating these tokens is an option exclusive to accredited individuals. Yet, everyone is allowed to trade the token once it becomes visible on the XRP Ledger.
Ridiculous price predictions
Currently, as we speak, one XRP token costs approximately $0.59, based on data from CoinGecko. If this token were to reach the mentioned price milestone of $1,000, its market capitalization would skyrocket to an astounding $56.79 trillion. To put that into perspective, Bitcoin‘s current value is $1.3 trillion. Meanwhile, the total market cap of the S&P 500 is a more modest $45.8 trillion.
Still, some pundits do not shy away from making such ridiculous predictions.
Currently, Michael Saylor of MicroStrategy anticipates that the value of Bitcoin might soar as high as $13 million. This potential increase would result in a staggering total market capitalization for Bitcoin at approximately $247 trillion.
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2024-09-26 22:12