Ripple’s XRP token has had a lucrative year so far in 2023. The token’s price has surged by over 83% since January and is currently up by 61% since last December. Nonetheless, the token has faced a sharp correction over the weekend. XRP is down 4.7% in the daily charts and 6.9% over the previous month.
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Nonetheless, analysts anticipate the token to generate considerable steam in the long run. Therefore, reaching “millionaire” status with the XRP token seems to be a realistic goal.
How much to invest to be a millionaire if Ripple’s XRP hits $5?
Reaching $5 from current price levels translates to a growth of about 700% from current levels. If XRP hits $5, you need 200,000 tokens to hold $1 million worth. The price of 200,000 tokens right now is about $125,000. The return on investment in such a trade would be very high.
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However, the question now becomes whether XRP can reach $5. Ripple’s partial victory in its lawsuit with the SEC (Securities and Exchange Commission) positively impacted the token’s adoption. However, the lawsuit is ongoing, and XRP’s status as a “non-security” is not final. However, there is a high chance that the US Supreme Court will take the same route as the district court, and Ripple’s sale of XRP to retail investors will declared “non-security.”
Furthermore, the use of Ripple’s XRP token for cross-border remittance has surged in the last few years. Analysts expect this metric to grow over the next few years.
An increase in adoption and a win against the SEC could give the token an edge to hit $5. Nonetheless, the journey will not be easy, and investors will need patience along the way.