XRP News Today: XRP Surges 22% in Week, Prominent Analyst Predicts $1,000

XRP, a popular cryptocurrency, has recently garnered significant attention due to a bold prediction by a prominent crypto commentator. BarriC, a well-known figure in the crypto community, has outlined a multi-stage price forecast for XRP, suggesting that the cryptocurrency could reach an astonishing $1,000. This projection comes on the heels of XRP's recent surge to a new all-time high, marking its highest point since 2018.

XRP's price trajectory has been particularly noteworthy since the beginning of the month. On July 5, it broke out of its long-term consolidation below $2.2, followed by a series of inflows that coincided with Bitcoin's push to new price territories above $120,000. Despite Bitcoin's subsequent corrective phase, XRP has managed to maintain its gains. This detachment from Bitcoin's momentum is partly attributed to the SEC's approval of ProShares' XRP ETFs, which has contributed to XRP's push to a new all-time high of $3.65 and its market cap breaking the $200 billion threshold.

BarriC's forecast begins with a near-term target of $4 for XRP, a price point that many bullish analysts have been closely monitoring. From there, the commentator anticipates a rapid expansion into double digits, forecasting a range between $10 and $20. While the projection does not include a technical analysis of XRP's price action, the most striking part of the outlook is the final projection: a "clear path" that leads XRP beyond the $100 mark and ultimately to a $1,000 valuation.

The idea of XRP reaching $1,000 is not new but remains a contentious topic. To achieve such a price point, XRP's market capitalization would need to exceed $50 trillion, more than double the combined value of the most valuable public companies in the world. BarriC's prediction is based on the belief that XRP's utility in cross-border payments and banking infrastructure will drive its long-term value. A $1,000 XRP becomes realistic only when mass institutional adoption from banks turns transactional demand into structural demand.

Price targets like $10 and $100 in the coming years are still considered realistic based on the current fundamentals of the altcoin and the XRP Ledger. The first step is a break above $4, which can only be possible if XRP manages to secure $3 as its new base price going forward. At the time of writing, XRP is trading at $3.44, up by 22% in the past seven days.