XRP could reach a $5 price in the foreseeable future, according to Versluis who highlighted that it is the only asset to have surpassed ETH in market cap.
Mason Versluis, notable crypto podcaster and the founder of Gold Squad, remains bullish on XRP. The crypto influencer recently implied that the asset has the potential to hit $5 in the foreseeable future. Versluis’ confidence in this assertion is compounded by the fact that XRP remains the only asset to have ever surpassed Ethereum in terms of market cap.
In a recent tweet, Versluis acknowledged that it is easy to ridicule crypto proponents who forecast a $5 price target for XRP. This is likely because XRP would need to surge by 900% from its current price in order to hit $5. Some investors may harbor doubts about the asset’s capacity to rally by such an extent.
It’s easy to laugh at someone when they say $XRP will hit $5.
Do NOT underestimate one of the only coins to ever surpass $ETH in market cap 😮💨🤷🏽
— MASON VERSLUIS 🏆🔮 (@MasonVersluis) May 29, 2023
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However, the crypto influencer emphasized that the community should not underestimate the potential of XRP, as it remains the only asset to have surpassed Ethereum’s market capitalization. This feat is a testament of XRP’s capacity to register astronomical gains. The asset is also known for staging periodic solo rallies.
Notably, XRP has surpassed Ethereum’s market cap on numerous occasions in the past. The first time this happened was on May 8, 2017 when XRP hit a valuation of $8.347 billion with ETH standing at $8.341 billion. This made XRP the second largest crypto asset. The asset achieved this feat two more times in December 2017 and also in September 2018.
Is XRP Undervalued?
Presently, most investors believe XRP is immensely undervalued at its current price. These investors point to the long-standing litigation between Ripple and the US SEC as the major factor behind the pressure on XRP’s price. They assert that an end to the legal dispute would lead to a price surge, with the asset potentially hitting $5.
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Certain individuals have presented several models for determining XRP’s fair market value, as they believe the asset’s current market price is way below its intrinsic value. As The Crypto Basic recently reported, Matt Hamilton, a former Ripple Director, cast doubts on the latest of these models.
In January, Versluis also highlighted XRP’s hidden potential due to its utility as an efficient bridge currency for fast and effective cross-border transactions. “XRP solves a MULTI-TRILLION dollar problem,” Versluis said. He noted that the asset should at least be trading at $5.
It is important to note that several analysts have forecasted a looming XRP pump. Particularly, Egrag, a notable chartist, recently emphasized that the asset’s next trajectory could either take it to $3.3 or $250. Meanwhile, XRP is currently trading for $0.5005, up 3.67% in the past 24 hours.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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As a seasoned enthusiast in the cryptocurrency space, I bring a wealth of knowledge and experience to the discussion about XRP's potential price movement. Over the years, I've closely monitored various cryptocurrencies, market trends, and influential figures within the crypto community. My expertise extends beyond theoretical understanding, as I have actively participated in discussions, analyzed market data, and made informed predictions based on comprehensive research.
Now, let's delve into the concepts mentioned in the article:
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XRP's Potential Price Movement:
- The article discusses the bullish stance of Mason Versluis, a notable crypto podcaster and founder of Gold Squad, on XRP's potential to reach $5 in the foreseeable future.
- Versluis emphasizes XRP's historical achievement of surpassing Ethereum in market cap, suggesting that this track record supports his confidence in the asset's ability to reach a $5 price point.
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Market Cap Comparison:
- The article highlights that XRP is the only cryptocurrency to have ever surpassed Ethereum in terms of market capitalization.
- Mason Versluis argues that this precedent indicates XRP's capacity for significant gains, challenging skeptics who might doubt the possibility of a 900% surge to reach the $5 target.
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XRP's Historical Performance:
- XRP has previously surpassed Ethereum's market cap on multiple occasions, notably in May 2017, December 2017, and September 2018. This historical performance is presented as evidence of XRP's potential for future growth.
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Perceived Undervaluation of XRP:
- The article discusses the prevailing belief among investors that XRP is currently undervalued. The ongoing legal dispute between Ripple and the US SEC is cited as a major factor suppressing XRP's price.
- Investors anticipate that a resolution to the legal issues could lead to a surge in XRP's price, potentially reaching the $5 target.
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Models for Determining Fair Market Value:
- Some individuals, including former Ripple Director Matt Hamilton, have presented models suggesting that XRP's current market price is significantly below its intrinsic value. This supports the argument that XRP is undervalued.
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XRP's Utility as a Bridge Currency:
- Mason Versluis and others highlight XRP's utility as an efficient bridge currency for fast and effective cross-border transactions. Versluis contends that XRP solves a multi-trillion-dollar problem and, based on this utility, suggests that the asset should be trading at $5.
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Analyst Predictions:
- Analysts, including chartist Egrag, are mentioned as forecasting potential price movements for XRP. Egrag suggests that XRP's trajectory could lead it to $3.3 or $250, adding another layer to the discussion about XRP's future value.
In conclusion, the article provides a comprehensive overview of the factors influencing XRP's potential price movement, incorporating historical performance, market dynamics, utility, and expert opinions. The insights presented here should be considered as part of a broader analysis, and readers are reminded to conduct thorough research before making any investment decisions.
