Steven Nerayoff, an early ethereum advisor, has added his two cents to the XRP price discussions. Many predictions There have been developments in recent months about the future price trajectory of XRP.
Most of these predictions have been bullish, although Some more than others. In a recent discussion on social media, Nerayoff mentioned that XRP “does not have a maximum price” it can reach due to its unique use case.
He also highlighted the importance of Ripple’s implementation of a “network effects” model on XRP, stating that the cryptocurrency has the potential to become a reserve currency.
Nerayoff: XRP has no maximum price
XRP has gained a strong ecosystem of followers in recent years amid the dispute between Ripple, the company behind the creation of the cryptocurrency, and the SEC. One of these supporters is Steven Nerayoff, who in the past stated that the ethereum/eth-gate-lubin-piece-of-paper/” target=”_blank” rel=”noopener nofollow”>The SEC was corrupt in its dealings with ethereum.
Nerayoff’s recent stance on XRP came in response to another XRP enthusiast who asked him for his opinion on whether
Do you think xrp has a bright future? and by bright future I mean, can it surpass $10 and possibly reach $100? I’d take your opinion on this over anyone’s these days.
– Selective Detective (@Selective_D_) October 26, 2023
In his response, Nerayoff noted that XRP could surpass the $100 price as it has no price cap if Ripple can win in a “network effects” model.
I think XRP has no limit if they achieve their goals. It’s not a simple answer, but I’ll give a high level opinion. Typically, a lower XRP price would make your offer more attractive. However, @Vibe are clearly the probabilities of the favorite winning in a “network effects” model…
– Steven Nerayoff (@StevenNerayoff) October 27, 2023
Nerayoff admitted that it is difficult to give a simple answer. Predicting the price of any cryptocurrency is a challenge, but Nerayoff is confident in XRP’s long-term potential.
Cryptocurrency market cap currently at $1.2 trillion. Chart: TradingView.com
He made this exclamation while drawing parallels between the cryptocurrency and the US dollar. Like the US dollar, the price of XRP could become irrelevant in the near future as investors focus on its necessity.
XRP was designed by Ripple to facilitate ultra-fast and low-cost cross-border payments. As more banks and payment providers adopt Ripple solutions, demand for XRP will skyrocket.
This would make XRP able to take on the role of global reserve currency “in part or in whole.” He also suggested that Ripple may be unfair target due to this potentialreferring to the ongoing lawsuit with the SEC.
XRP Price Outlook
Nerayoff is not the first to make claims about XRP becomes reserve currency. At the time of writing, XRP is trading at $0.546, up 5.85% over a 7-day period and 61.25% since the beginning of the year. A recent crypto analyst prediction ERGAG crypto indicates a 40x XRP price rally from its current level to $27 in the subsequent bull run.
According to a report According to on-chain analytics firm Messari, DEX volume on the XRP Ledger increased by 390% last quarter.
XRP Ledger Status Q3’23
-US courts ruled that XRP is not a security
-XRPL DEX volume increased 390% QoQ
-Additional programming is coming to XRPL and its broader ecosystem. pic.twitter.com/DWzOTkqAQM– Red (@redvelvetzip) October 27, 2023
Featured image from Shutterstock
