XRP Price Will Hit $1,000: CryptoTank Predicts Massive Surge in XRP Price

Crypto analyst CryptoTank has predicted that the XRP price can reach $1,000. Although he didn’t give a specific timeline for this price surge

Cryptocurrency analyst CryptoTank has predicted that the XRP price could reach $1,000. While he didn't provide a specific timeframe for this price surge, he outlined several reasons why the crypto token could hit such an ambitious price target. Some other analysts, like Crypto Egrag, have also predicted that XRP can indeed rise to $1,000 at some point.

XRP Price Poised To Hit $1,000 In The Future

In an X post, CryptoTank predicted that XRP will reach $1,000, stating that a surge to this price level isn't a fantasy. Instead, he believes it is only a matter of time before the crypto token reaches such unprecedented heights.

The analyst recently highlighted the potential XRP ETFs as one of the factors that could propel the XRP price to the target. According to the analyst, companies like Bitwise, Canary, and other asset managers that plan to offer this fund will be required to hold at least $10 million worth of XRP to support their respective funds.

With these asset managers holding such an amount of XRP, the coin's circulating supply will decrease. Based on this, CryptoTank asserts that the XRP price will eventually increase over time. He further remarked that this supply shock will come into play in a “much bigger” way as more institutional investors begin to adopt the crypto token.

Ripple CEO Brad Garlinghouse already stated that he expects more filings following the Bitwise XRP ETF application. Therefore, it might not be long before more institutions look to adopt XRP and provide other institutional investors with exposure to the crypto token.

In line with this, CryptoTank asserts that companies will have a large supply of XRP on their books. He claimed that this is why 100 billion XRP is not a large supply for the token’s intended use case. He added that other factors will determine the XRP price but he has zero doubts that the ETFs will reduce the coin’s circulating supply.

CryptoTank also suggested in an earlier X post that Ripple could contribute to the XRP price rally to $1,000. The crypto firm uses the coin for its cross-border payment services. Therefore, the analyst highlighted the fact that XRP could witness a massive surge in its trading volume as more institutions begin to adopt Ripple's payment rails for cross-border transactions.

The analyst noted that Ripple's competitor, Swift, currently records $5 to $7 trillion in trading volume. As such, he envisages that XRP could at least steal 10% of this trading volume as more banks begin to settle their transactions using Ripple's payment network.

At the time of writing, the XRP price is trading at around $0.57, down over 5% in the last 24 hours. The trading volume is also down over 23%, with $2 billion traded during this period.

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