The the idea of ​​XRP price reaching $1,000 gained popularity once again when a user of the X social media platform named Drewewski called on the Ripple community to unite in pushing XRP to unprecedented price levels. While Drewski’s post reignited the discussion, a $1,000 price target is nothing modern, as it has been a target shared by many XRP investors for years.

Bold $1,000 price target for XRP

Drewski comment on XRP reflects the entire cryptocurrency investing community. Specifically, it can be inferred that the investor is confident that the combined power of the Ripple community can trigger a historic rally in XRP prices.

Interestingly, XRP’s bullish price target is primarily driven by sentiment rather than technical analysis. However, XRP does is no stranger to very bullish price targets looking through the prism of technical analysis. For example, well-known cryptocurrency analyst EGRAG CRYPTO presented an analysis indicating that XRP may be on a trajectory towards $27. In another technical analysis, the analyst highlighted the opportunity XRP continues to rise to $99.

How realistic is the $1,000 price target?

While the predictions are thrilling, there are skeptics who question whether XRP can realistically reach $1,000. Critics point out the huge market capitalization required to reach this level. For XRP to reach $1,000, it would either need to reach a market capitalization of $99.99 trillion based on current total supply or burn through most of its supply. Many critics are also quick to point out the regulatory uncertainty surrounding XRP and Ripple.

If you ask many cryptocurrency participants, many will consider XRP deadconsidering that cryptocurrency has performed poorly than many expected in recent years.

Currently, XRP is trading at a fraction of its $1,000 target. At the time of writing, the price of XRP is $0.5515. The cryptocurrency fell 0.7% in the last 24 hours, but is up 2.5% in seven days.

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To reach the target price, XRP would need to augment 1,800 times its current level, which would make many of its holders multi-millionaires. Therefore, the prospect of such a move keeps many XRP enthusiasts dreaming of a target price of $1,000. A more realistic dream would see XRP break through the $1 mark and then hit the double-digit mark at $10.

For XRP to continue to grow, its adoption in the customary financial system would need to continue to augment. Moreover, the final resolution regarding the ongoing Ripple-SEC lawsuit is needed because achieving regulatory clarity could make the dream of $1,000 XRP closer to reality than ever before.

Featured image created with Dall.E, chart from Tradingview.com