Ripple’s XRP token seems to follow the larger market reversal, gaining 12.2% in the daily charts and 16.4% in the monthly. The asset continues to glow red in the weekly and 14-day charts, falling 14.1%.
Also Read: Can $1000 of XRP Become $1 Million By 2030?
Market Revival and Ripple’s Lawsuit
The latest revival is likely due to Bitcoin (BTC) reclaiming the $55,000 level. BTC briefly fell below the $50,000 mark on Aug. 5, 2024, but has since made a remarkable recovery. The global crypto market cap is also slowly regaining its momentum, rising 8.8% in the last 24 hours to $2.07 trillion.
Ripple’s lawsuit with the SEC is also expected to conclude soon, which may positively impact the asset’s price.
When will $500 worth of Ripple’s XRP become $1 million?
Current Value and Required Growth
If you purchase $500 worth of the token right now, you will receive about 980.39 coins. For 980.39 tokens to be worth $1 million, each coin has to reach a price of about $1020. Reaching $1020 from current levels would require a rally of about 199,900%.
Predictions from Changelly
According to the data on Changelly, Ripple’s XRP token won’t breach the $1000 mark before 2050. The platform predicts XRP to hit a maximum price of $525.55 in 2050. To have a million dollars worth of XRP at $525.55 per coin, you will need roughly about 1902 tokens. The price of 1902 XRP right now is around $970.41.
Also Read: Ripple: Here’s When XRP Will Breach $3 Again
Telegaon Prediction
Telegaon is a lot more bearish on Ripple’s XRP, predicting the asset to hit a maximum price of $105.27 in 2050. To have a million dollars worth of XRP at $105.27, you will need about 9499.38 coins. The price of 9499.38 XRP right now is about $4,844.68.
Potential for Higher Price Points
There is a possibility that the asset will hit a far higher price point much sooner than 2050, given a positive ruling in the SEC vs. Ripple lawsuit and an increase in the token’s adoption.