XRP has been a star performer in the current crypto bull run, closing November with a staggering 283% increase and continuing its ascent in December with a 23% jump so far. Currently trading at $2.41, the altcoin has been consolidating within this range for the past week.
As XRP consolidates, analysts are buzzing with potential breakout targets. While some commentators envision a modest climb to $6, others like EGRAG predict a more substantial rise to $27. However, Crypto Bitlord, a prominent market voice, believes these targets are far too conservative.
Bitlord champions the return of the infamous $589 target for XRP, a figure with historical significance within the XRP community. He argues that analysts with lower targets simply lack the necessary “delusional” optimism, referencing the skepticism XRP holders often face for their ambitious dreams.
You’re not delusional enough with your price targets $XRP $589
— Crypto Bitlord (@crypto_bitlord7) December 16, 2024
This bullish sentiment contradicts the views of figures like Tony Edwards, host of the Thinking Crypto podcast, who dismissed the $589 target as pure “fantasy.” Reaching such a price would propel XRP’s market cap to a mind-boggling $33 trillion, exceeding the combined value of the top 20 US companies.
Despite the seemingly impossible market cap, Bitlord and other XRP enthusiasts remain undeterred. He points out that XRP only needs a 10x increase to reach EGRAG’s $27 target, a seemingly achievable feat considering the recent upsurge. Additionally, Bitlord claims XRP is draining liquidity from major players like Bitcoin, Ethereum, and Solana, positioning itself for dominance within the crypto space.
$XRP is creating a black hole now
— Crypto Bitlord (@crypto_bitlord7) December 2, 2024
People are selling $BTC $SOL $ETH and $BNB to get it
It’s literally sucking the power from these mega caps to pump harder
🚨 WE ARE ABSORBING THE ENTIRE CRYPTO ECONOMY 🚨
-HIGHER 🚀🚀🚀 pic.twitter.com/rDo8T9HKs3
The $589 Enigma: Speculation vs. Reality
The $589 target for XRP originated back in 2019, fueled by speculation and optimistic theories. Initially, it was linked to Ripple’s potential integration with global financial systems and widespread institutional adoption.
Over time, the figure became a rallying cry within XRP communities, almost attaining a cult-like status. Theories emerged connecting it to Ripple’s cross-border payment solutions and regulatory clarity, although some dismiss it as an overly optimistic meme.
Despite its audacious nature, the $589 prediction continues to be a rallying point for the “XRPArmy.” However, most financial experts advise against relying on such speculative targets.
Also Read: Bitcoin Hits $106K, Altcoins Surge: XRP, Ethereum, and Solana Join the Bullish Rally
Whether XRP can truly reach $589 remains a topic of intense debate. While the current bull market could propel the altcoin further, achieving such an astronomical price tag would require an unprecedented influx of capital and a complete paradigm shift in the crypto market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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