Zach Humphries, a prominent technical analyst in the crypto community, has denounced some of the widely touted XRP price predictions.
The market commentator reacted to reports citing another technical analyst, “XRP CAPTAIN,” who boldly asserted that $57 would be the minimum value for XRP in this bull run.
This audacious outlook was founded on optimism about XRP attracting fresh adoption and utility after the Ripple lawsuit ends. XRP CAPTAIN expressed confidence that XRP will not miss this bull run. Moreover, he stated that those who would part ways with the asset at $10 would miss out on potentially higher targets, with $57 being his minimum.
Interestingly, other well-known ambitious analysts, like JayDee, endorsed this view. JayDee went on to say he anticipates much higher targets than $57. However, market watcher Humphries finds these outlooks absurd and out of reality.
In a post on X, Humphries noted that while he is convinced in XRP’s long-term prospects, he finds the widespread projections of $50 to $100 outlandish. He noted that such price growth bears extraordinary implications that the proponents are overlooking.
$XRP price prediction of $57 is just absurd! pic.twitter.com/Ivzi7rbTOQ
— Zach Humphries (@Z_Humphries) July 16, 2024
Why XRP $57 Price Prediction is “Absurd”
For instance, with XRP now trading above $0.6, attaining $57 requires a substantial growth of 9,400%. Some individuals even hope for a $10,000 price point for XRP, which would demand over 1,800,000% growth.
Humphries stressed that this percentage growth is improbable for a crypto asset that already commands a valuation exceeding $33 billion.
To illustrate, a $57 value would hypothetically elevate XRP’s market cap to over $5.6 trillion, nearly twice Apple’s current valuation. For context, Bitcoin’s market cap is around $1.36 trillion. A proportionate growth could theoretically push the premier cryptocurrency to a valuation exceeding $100 trillion.
Essentially, this significant market cap implication has been a key point for critics who argue that ambitious XRP enthusiasts’ predictions of prices above $50 are unrealistic, at least in the near future.
Meanwhile, some community pundits have suggested $5 to $10 remains a more realistic outlook for XRP.
For instance, Web3Alert founder Nick argued that XRP reaching $10 this season “is not crazy” because it would put XRP’s market cap at $550 billion or a fully diluted valuation of $1 trillion, which is comparable to the valuations of Bitcoin and Ethereum.
