XRP's Market Cap Momentarily Zoomed to Trillions of Dollars on Gemini (2024)
XRP temporarily surged to $50 on crypto exchange Gemini, which rocketed the token's market capitalization to trillions of dollars if only for a few minutes.
Prices shot up to those levels for a few minutes at 20:30 UTC on Thursday before immediately reverting to parity with the spot markets on other exchanges.
The bump, which took a few seconds to correct, was likely a result of low liquidity in the hours following a token relisting on Gemini, during which a buyer may have placed an outsized market order — which was filled at an outrageously high price.
As such, XRP traded at levels higher than the broader market for at least a few hours, price chat data shows.
Some market observers opined a seller placed a spoof order at $50 per XRP, which was unintendedly filled by a buyer who may have “fat-fingered” the trade.
Market depth data shows XRP liquidity on Gemini remains relatively low, with only a $37,000 order required to move prices by 2% on the exchange. In contrast, the same price move on Binance would require at least $2.2 million.
The token was relisted on Gemini after July’s court order in favor of Ripple Labs, with a federal judge ruling that the “offer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts.” In 2020, the U.S. Securities and Exchange Commission sued Ripple Labs on allegations that Ripple sold XRP to U.S. customers without adequate registration.
At the time of writing, XRP was trading at 63 cents.
XRP temporarily surged to $50 on crypto exchange Gemini
Gemini
Gemini Trust Company, LLC (Gemini) is an American cryptocurrency exchange and custodian bank. It was founded in 2014 by Cameron and Tyler Winklevoss. New York, U.S.
https://en.wikipedia.org › wiki › Gemini_(company)
, which rocketed the token's market capitalization to trillions of dollars if only for a few minutes. Prices shot up to those levels for a few minutes at 20:30 UTC on Thursday before immediately reverting to parity with the spot markets on other exchanges.
This is approximately what the entire cryptocurrency market is worth now. If, in 2050, the dynamics of XRP coins will be the same as that of Amazon stocks now, then the market cap of Ripple could reach 1 trillion USD. Ripple's capitalization now is around 26 billion USD.
At a $1,000 price, the market would need to move 1 billion XRP tokens to account for a $1 trillion volume and 20 billion tokens for a $20 trillion volume. For XRP to clinch a $1,000 price, it would need to skyrocket by a massive 188,543% from its current value of $0.5301.
The live price of XRP is $ 0.470478 per (XRP / USD) with a current market cap of $ 26.20B USD. 24-hour trading volume is $ 818.00M USD. XRP to USD price is updated in real-time. XRP is -0.9% in the last 24 hours with a circulating supply of 55.69B.
Armando Pantoja, a prominent crypto figure, has expressed optimism about XRP's future. He believes the asset's true value lies between $8 and $20 and predicts it will reach this range by 2026.
According to XRP's predictive model, XRP price should respect support in July 2024 at $0.30 in order to be able to rise to $0.68 later in 2024 and eventually $1.44 in 2025.
Can XRP Reach 500 Dollars? For XRP to achieve a price of $500, it would necessitate an increase of over 1,000 times its current value. While theoretically possible in the dynamic world of digital assets, this scenario faces significant practical hurdles.
The reason why XRP won't ever reach a price of $10,000 is not complicated – the supply of XRP is simply too large. XRP has a maximum supply limit of 100 billion coins. While not all XRP coins are currently in circulation, the coin still has a substantial circulating supply of 54.94 billion.
Cryptonewsz.com is even more bullish: it believes XRP will rise to $9.81 by 2030, which would turn a $10,000 investment into more than $196,000. But for XRP to turn a $10,000 investment into over $1 million, it would need to generate a 100-bagger gain. Even the most bullish forecasts fall short of those expectations.
Cryptonewsz.com has a XRP forecast that says the price of Ripple will continue to climb as well, but is much more bullish than Digital Coin Price, as by 2030 they expect that the average price of of Ripple could climb to as high as $9.81.
According to the technical analysis of XRP prices expected in 2024, the minimum cost of XRP will be $0.477. The maximum level that the XRP price can reach is $0.560. The average trading price is expected around $0.642.
The top 10 addresses with the largest XRP supplies hold roughly 11.2 billion XRP, worth approximately $5.52 billion at current market rates. If we take into account the top 50 XRP addresses instead, they control 26.9 billion XRP or 48.4% of the entire circulating supply.
Long-term XRP price prediction key takeaways: The price of XRP increased by more than 6,000% since it first started trading and went from ~$0.005 to over ~$0.380 in the process. XRP could reach $14.21 by 2040 and $106.14 by 2050 if it follows Bitcoin's growth trajectory over the past 5 years.
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