Will XRP Price Hit $1M if 1 XRP Drop Equals 1 RLUSD?

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As a seasoned crypto investor with over a decade of experience in this dynamic market, I’ve learned to navigate through the intricacies of digital assets and their potential. The recent buzz surrounding XRP‘s potential rally, given the resolution of the Ripple-SEC case, has indeed piqued my interest.

The cost of XRP could be preparing for a surge as the Ripple-SEC lawsuit appears to be winding down. The XRP graph continues to look optimistic with anticipation growing about which direction the price will burst from its symmetrical triangle. This follows predictions by Ripple president Monica Long that the RLUSD will launch before year’s end. In parallel, the XRP community is contemplating whether the asset’s value could reach $1 million if a penny (one cent) worth of an XRP hits $1. We’ll explore the likelihood of this scenario.

Can $1 Drop Propel XRP Price to $1 Million?

In simpler terms, each XRP can be divided into a million smaller parts, with the smallest unit being referred to as a “drop.” Some members of the XRP community have mused that if one drop (the smallest unit) ever equaled one RLUSD (a potential stablecoin pegged to the US dollar), the value of an XRP could potentially reach $1 million.

Vet, a developer and XRP enthusiast, posted that there were speculations that  1 RLUSD could be worth $1.

There are speculations about 1 RLUSD being worth $1 – Big if true.

— Vet (@Vet_X0) September 20, 2024

Of course, this was a joke because RLUSD will be a stablecoin on the XRP Ledger, pegged 1:1 to the US Dollar. 

Despite not understanding the humor, members of the XRPArmy began discussing the possibility that XRP could reach a value of $1 million, should a single drop of it become worth $1.

1 XRP is equivalent to one million units called “drops.” As the value of XRP increases, these drops become significant. In a hypothetical scenario where 1 RLUSD equals $1, and 1 RLUSD corresponds to a single XRP drop in the future, then 1 XRP would be worth $1 million dollars. However, when asked about this, David seemed to evade the question, but it is indeed possible.
— CryptoTank (@Tank2033js) September 21, 2024

If XRP Drop Hits $1, Here’s how much Ripple Market Cap Would Be

If an XRP token were to be worth one million dollars, then its overall market value would have to be unimaginably vast, surpassing the combined worth of every asset on Earth. Given today’s market trends, this seems highly unlikely. A ‘Global Reset’ might theoretically achieve such a scenario.

Nevertheless, let’s do the math:

As an analyst, I find myself reflecting on the total supply of XRP, which stands at a staggering 100 billion units. Should each coin be valued at an astounding $1 million, the market capitalization of Ripple would inflate to a mind-boggling figure of $100 quadrillion – a number that requires no less than 17 zeros in front of it.

As of July 2024, the total amount of easily accessible funds held by the world’s four biggest central banks collectively was approximately $87.57 trillion.

Will XRP Price Hit $1M if 1 XRP Drop Equals 1 RLUSD?

With the addition of funds from other major banks, the total amount reached an astonishing $129 trillion. However, it’s worth noting that the global economy may not have quite enough resources to match this figure.

XRP Price Analysis Hints 17% Short-Term Gains

In simpler terms, the pattern of XRP‘s price over a 6-hour period appears to be forming an upward sloping triangle known as a bullish ascending triangle. This is a type of chart pattern that typically signals a potential increase in price if the resistance level around $0.59 can be broken. If successful, this breakout could push the cost of XRP up to approximately $0.69, which represents a 17% rise from its current value.

In the triangle shape on the chart, the candles indicate a decrease in market activity, often seen before a significant move. The short upper shadows imply less selling force close to the resistance level, increasing the chance of a price increase beyond it. This scenario could lead to an upward breakout.

Will XRP Price Hit $1M if 1 XRP Drop Equals 1 RLUSD?

Should XRP bullish momentum weaken and the price drops below the triangle formation, this might indicate a weakened market, potentially causing the asset to seek new, lower levels of support around $0.5.

Conclusion

Predicting XRP‘s price reaching a million dollars is a bold conjecture that seems implausible given the current global financial supply. Yet, if the XRP supply were significantly reduced, this valuation could become feasible. In the immediate future, the asset aims for a 17% increase to revisit the $0.70 mark.

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2024-09-26 14:06