The possibility of Ripple’s XRP price reaching $100 has left many in the crypto community with doubts. November was an exceptional month for Ripple’s price, as it reached a major milestone not seen since 2017. Currently, the XRP price is trading at around $2.4; the $100 mark is still very far away, but how possible is a price spike to this level?
Cryptocurrency channel, Kelvin Finance, on YouTube, addresses the conversation about how Ripple’s XRP price could reach the $100 mark. He started by acknowledging some minor fluctuations in price around $2.38 over the past week.
However, he noted a price drop occurred following Google’s announcement of its “Willow Quantum Chip,” which triggered a downturn across the crypto market, causing XRP to go down to $1.95 before quickly recovering.
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The Math Behind a $100 XRP Price
The analyst provided a mathematical breakdown to illustrate the possibility of the XRP price reaching $100. With the current price at $2.44 and a market capitalization of around $139 billion, the analysis suggests that the XRP price would need to grow by approximately 41.3 times to reach $100. This calculation leads to a market cap projection of $5.7 trillion for Ripple XRP alone.
Kelvin compared this scenario with the current total cryptocurrency market cap, which stands at around $3.6 trillion.
Even during a bull run, projections suggest that the overall market could peak between $5 and $8 trillion. The idea of XRP alone reaching a $5.7 trillion market cap is unrealistic in the current market climate.
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In the short term, the analyst firmly believes that the XRP price is unlikely to reach $100 during the current bull run. But this could be possible in the long term.
