In this video, the presenter discusses whether XRP can make someone a millionaire, and how it depends on a variety of factors. He notes that the crypto space is currently quite bullish and that higher-ranking cryptos have more longevity and solid fundamentals, but also are less likely to have crazy price multipliers. XRP is currently ranked sixth with a market cap of slightly above $20 billion, so there is a lot of potential for growth. The presenter believes that if XRP wins its ongoing lawsuit with the SEC, it could go to an all-time high and potentially experience sustained growth above $7 or even $12. However, becoming a millionaire with XRP depends on the time frame and individual circumstances, and the presenter suggests diversifying into other lower-ranking cryptos with high potential for growth.
Can XRP Make You a Millionaire? Exploring the Possibilities
Hey guys, what is up, it’s Dusty here, and welcome back to another crypto video. By far, one of the most requested topics is whether XRP can make you a millionaire. This also applies to many other cryptocurrencies, where in the comments, people often ask if holding H-BAR, Ethereum, BNB, QNT, and other cryptos can make them a millionaire.
The Simple Answer
The simple answer to this question is – it depends on several factors. The current crypto space is in a pretty bullish period, but where the market goes next will determine the probability of success and whether you can make it very far. We must make one thing clear – the higher up the rankings your crypto is, the higher the market cap of that specific crypto.
The Market Cap
The market cap is calculated by multiplying the total number of tokens or coins out there and the current price. Theoretically, it is easier to grow lower-ranking cryptos, but not in dollars, but percentage-wise. This means that the more of a degenerate type of crypto you pick, the higher the probability that it will 10x, 100x, or 1000x. On the other hand, the higher up the rankings you go, the lower the chances are of getting some crazy multiplier.
Ranking and Growth
When Shiba Inu launched, it was somewhere in the thousands in terms of rankings, which meant crazy multipliers for early investors. However, with Bitcoin, the market cap has to double to double your money. If you hold a smaller cap crypto, the market cap might only have to go from six million to twelve million, which is significantly easier. But the higher you rank in the market, the more likely your crypto has longevity, and the fundamentals are solid.
XRP is currently number six in the rankings, with slightly over 20 billion dollars in market cap. It is still just one twentieth of the market cap that Bitcoin has, meaning that there is a lot of growth potential. In the past, XRP has been above Ethereum in market cap, which is currently at 200 billion dollars, leading to a 10x for the XRP price, going from 40 cents to four dollars (all-time high).
XRP’s Future Value
XRP has already hit about 3.50 dollars while Ethereum was at 1400 dollars, which was the 2018 all-time high. However, XRP came into a lawsuit with the US SEC, leading to a dip in price. If the lawsuit goes in XRP’s favor, the price will hit an all-time high. It could even propel XRP’s price higher than ever before, creating a multiplier effect. But this depends on market conditions.
XRP’s Millionaire Potential
If you’re banking on this lawsuit and looking to become a millionaire in the next year, understand that there are no guarantees. Taking an XRP price tag of ten dollars, a 25x from the current price means you’d need 100K XRP, roughly $40K worth. If you’re looking for a mult-year bull run, an all-time high of 25 dollars means a 62x return, requiring about $16k right now.
Diversify Your Portfolio
You need to diversify your portfolio and evaluate other cryptocurrencies’ potential. XRP has potential, but there are other coins with a higher probability of making you rich quicker. If you choose wisely, they could easily outperform the top 10 or top 100 cryptos. In the next couple of weeks, the channel will share top-picks of cryptos that have potential to go viral. Understand that we may fail, but when we succeed, we’ll make an incredible return.
In conclusion, becoming a millionaire with XRP depends on several factors, and there are no guarantees. It may seem tempting to invest all your money in one coin, but diversifying your portfolio is the best way to reduce risk and increase potential gains. By understanding cryptocurrency utility and longevity, we can make intelligent investment decisions.