Ripple’s XRP touched a new all-time high of $3.65 in July and reclaimed its previous glory after nearly seven years. It remained above the $3 mark for a month but dipped to the $2.80 to $2.90 price range last week, as CoinGecko revealed. When its price was at the $3.40 range, various headlines ruled the roost, citing its next leg to be $8, $10, and some went a step ahead, saying it could reach $500.
Also Read: XRP Price Prediction: Where Will Ripple Be In The Next 10 Years?
Bullish predictions come when the markets rally, giving investors immense hope of earning profits more than they’ve imagined. XRP to $10 was the highlight, where traders were made to believe it could skyrocket to the prescribed target. However, it faced corrections after reaching $3.65 due to sell-offs and profit bookings from investors. The markets do not work according to price predictions and charts their own path, defying all estimates.
No Chance for XRP to Hit $10 in the Near Term
While the $10 predictions are flying off the shelves, the ground reality for XRP is quite different. The Ripple’s native token needs to spike by nearly 250% to reach there and generate stellar profits for holders. The chances of that happening in the short term are slim, as the market dynamics do not support the bullish thesis.
Also Read: XRP Beats Ethereum in Coinbase Q2 Revenue Report With 13% Share
For the uninitiated, XRP’s market cap stands at $177 billion today, and 59 billion coins are currently in circulation. XRP is not scarce enough to push its price above $10 in the short term. For the altcoin to even consider reaching $10, its market cap must reach $590 billion. This is more than three times its present market cap of $177 billion. Even Ethereum’s market cap is still at $426 billion despite receiving a heavy inflow of funds as its price topped $3,500. The markets have also peaked with institutional buyers reaching the tilt.