Fed Watchers Eye Powell’s Speech For Major Clues

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A top XRP community voice has debunked the idea that XRP could realistically reach a target of $1,000 per token.  Rosa, a member of the XRP community, recently took to X to argue that the $1,000 price prediction for the token is unrealistic. According to Rosa, it is mathematically impossible for XRP to rally to that ambitious target.  Why is $1,000 Prediction Unrealistic?  Given XRP’s supply of 100 billion tokens, Rosa emphasized that its market cap would explode to $100 trillion if the $1,000 price materializes. She noted that the projected $100 trillion market cap would be ten times larger than the current global GDP.  As of 2024, the World Bank estimates the global GDP at $111.33 trillion. This implies that XRP’s estimated valuation at $1,000 (equivalent to $100 trillion) would nearly equal the value of the entire world economy.  Meanwhile, Rosa stressed that the market demand for XRP is not sufficient to push the token’s price to $1,000. She argued that it could take several years for XRP to even reach $10, a far more modest target compared to the ambitious $1,000 projection. At $10, XRP will have a market cap of $1 trillion, which is less than Bitcoin’s valuation. As a result, she warned other XRP investors to be cautious of overly ambitious predictions. https://twitter.com/Rosa_e5/status/1956780999833948572 Community Pushes Back As expected, some community members pushed back on Rosa’s claim, arguing that market cap is not a strict barrier limiting how high an asset can rally. One community member, "FutureXRP," said XRP does not require $100 trillion in new money to reach the $100 trillion valuation.  The user also argued that while the market cap of oil is up to $300 trillion, that information is not documented because it is irrelevant since oil is treated as a commodity. Therefore, they urged Rosa and other community members to adopt a similar approach for crypto assets like XRP.  Responding, Rosa said that while market cap may not be a direct indicator for price, it does reflect an asset’s size and demand. She emphasized that XRP would require substantial demand to reach the $1,000 target.  XRP to $1,000 Prediction  The discussions surrounding the XRP $1,000 price projection have become a recurring theme in the XRP community, thanks to speculation that XRP would play a significant role in the global financial system.  Earlier this month, Black Swan Capitalist co-founder Versan Aljarrah set $1,000 as XRP’s bear target if the token is leveraged as a bridge asset for global financial infrastructure.  Popular community member Armando Pantoja believes there would be a full-blown FOMO should XRP reach the $1,000 price. In his view, several investors would be struggling to own as little as 1 XRP in their portfolios.  Meanwhile, some commentators have offered a ten-year timeline for XRP to reach $1,000. As of today, XRP trades at $2.85 with a seven-day decline of 8.31%. From the current price, it must rise 34,987% to reach $1,000.

PANews reported on June 20 that according to Bitcoin.com, the Brazilian Ministry of Justice and Public Security issued a contract tender notice on June 20, planning to purchase a cryptocurrency