Steven Nerayoff, one of the earliest advisors for Ethereum, has added his two cents to discussions regarding XRP price. Many predictions have come in recent months on XRP’s future price trajectory.
Most of these predictions have been bullish, although some more than others. In a recent discussion on social media, Nerayoff mentioned that XRP “has no price ceiling” it can get to due to its unique use case.
He also stressed the significance of Ripple’s foothold in a “network effects” model on XRP, stating that the cryptocurrency has the potential to become a reserve currency.
Nerayoff: XRP Has No Price Ceiling
XRP has garnered a strong supporter ecosystem in the past few years amidst the tussle between Ripple, the company behind the cryptocurrency’s creation, and the SEC. One of these supporters is Steven Nerayoff, who has in the past claimed that the SEC was corrupt in its dealings with Ethereum.
Nerayoff’s recent stance on XRP came as a response to another XRP enthusiast asking for his opinion on whether XRP could spike above $10 possibly up to $100.
Do you think xrp has a bright future? and by bright future I mean can it get above $10 possibly upto $100? I’d take your opinion on this over anyone’s currently.
— SelectiveDetective (@Selective_D_) October 26, 2023
In his reply, Nerayoff noted that XRP could surpass the $100 price point as it has no price ceiling if Ripple can win in a “network effects” model.
I believe XRP has no ceiling if they achieve their objectives. It’s not a simple response but I’ll give a high level take. Usually a lower XRP price would make their offering more attractive. However, @Ripple is clearly the odds on favorite to win in a “network effects” model.…
— Steven Nerayoff (@StevenNerayoff) October 27, 2023
Nerayoff admitted that it is difficult to provide a simple response. Predicting any crypto’s price is challenging, 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, XRP’s price could become irrelevant in the coming future, as investors would be focused on its necessity.
XRP was designed by Ripple to facilitate lightning-fast, low-cost payments across borders. As more banks and payment providers adopt Ripple’s solutions, demand for XRP will skyrocket.
This would see XRP potentially taking the role of a global reserve currency “in part or whole.” He also suggested that Ripple may be unfairly targeted because of this potential, referencing the ongoing lawsuit with the SEC.
XRP Price Outlook
Nerayoff isn’t the first to make claims about XRP becoming a reserve currency. At the time of writing, XRP is trading at $0.546, up by 5.85% in a 7-day timeframe and 61.25% since the beginning of the year. A recent prediction from crypto analyst ERGAG CRYPTO indicates an XRP price rally of 40 times from its current level to $27 in the subsequent bull run.
According to a report by on-chain analytics firm Messari, DEX volume on the XRP Ledger increased by 390% last quarter.
State of XRP Ledger Q3’23
-US courts ruled that XRP is not a security
-XRPL DEX volume was up 390% QoQ
-Added programmability is coming to the XRPL and its broader ecosystem pic.twitter.com/DWzOTkqAQM— Red (@redvelvetzip) October 27, 2023
Featured image from Shutterstock
