Two days ago a TikTok account by the name of woc_bit posted a video talking about XRP with the headline being "XRP to $100?". The speculative video managed to get over 4.1 million views, and in it he suggests to have made a revolutionary discovery that we will discuss in this article.
What is XRP:
Much like other crypto currencies, XRP operates in the financial sector and allows for secure, fast and low cost transactions. This is done by using the Ripple network to complete these transactions. XRP is a cryptocurrency that was created by Ripple. The transactions are verified by a network of computers but the coin is not mined like others such as ETH, ETC, BTC. This means that the infrastructure needed to verify transactions is much less intensive and helps keep the transaction costs low. In fact the average transaction fee on the network is roughly (in USD) $0.00001 per transaction.
The TikTok Video:
woc_bit goes on to talk about a popular YouTuber Davincij15. This YouTuber posted a video 9 years ago telling everyone to purchase $1 worth of BTC and store it in a wallet. woc_bit then goes on to show another video where Davincji15 was wearing XRP socks and proceeds to strike the thinker pose and go "hmmmm".
What would it take for XRP to hit $100:
At the time of writing (8/30/2022) the average cost of an XRP token is $0.327804 per coin. The total market cap of the coin is $32.78B dollars. In order for XRP to hit $100 it would have to *312.5. This means that the total market cap would have to end up somewhere around 10.244 trillion dollars. To put this into perspective the market cap for BTC is currently sitting around $380.15 Billion. The total market cap for Crypto today is around $948.44 Billion, and had peaked around 3 Trillion in November of 2021.
My Take:
Disclaimer: Nothing in this article is financial advice by any means, it is just opinion.
The chances of XRP hitting this magical 312.5x is slim to none. Unless they come up with some way to introduce scarcity and have some revolutionary blockchain technology we haven't seen yet. This doesn't mean that it is impossible, I too like to hold onto some speculative assets, but I never expect even close to a 312.5x. Most of these assets I hold I might expect a 2 or 3x or them to go to $0.
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