A crypto analyst shared insights on the growth prospects of XRP by drawing parallels with Tesla's history.
Comparison of XRP and Tesla
The analyst began with a hypothetical situation where Ripple CEO Brad Garlinghouse appears on *60 Minutes* on December 8, 2024. In this scenario, XRP's price sharply drops from $2.61 to $1.96, causing panic and uncertainty throughout the crypto community. He directly compares this to Tesla's journey, when in 2018, its stock fell to $11 from $25, only to later skyrocket by 3,400%. Overlaying the charts for XRP and Tesla reveals striking similarities, suggesting potential forthcoming changes for XRP.
Potential Growth Scenarios
The analyst outlines three potential outcomes for XRP’s growth: a 10x move to $16.10, a 20x move to $32, and a 30x surge to $48.30. He leans towards the 20x scenario as the most realistic based on current fundamentals and market sentiment.
Factors Influencing XRP Value
The speaker notes how quickly market sentiment can change. He highlights XRP's use in cross-border remittances in countries like Mexico and the Philippines. Following the July 2023 ruling by Judge Torres, which clarified XRP's status, the token's position has become clearer. The analyst points to the price level of $2.65 as a potential trigger for changing the current dynamics, drawing a parallel to Tesla's surprise profitability in Q3 2019.
The wait for significant changes can be tiring, yet XRP has potential for price appreciation under the right conditions. Legal clarity and real-world adoption may serve as the primary catalysts for growth.
