Robert Doyle, the owner of Cryptonairz and Crypto Sensei believes that XRP has the potential to rise to the dizzying heights of $10,000, and focuses of an event that he believes could spark this incredible rally.
In a recent video on X, Doyle pointed to a recent development involving the tokenization of U.S. Treasury bills on the XRP Ledger (XRPL) as a possible catalyst. Tokenization platform, OpenEden also announced that it has partnered with Ripple to bring tokenized U. S. T-Bills to the XRPL, with the initial investment from Ripple being $10 million.
Tokenization of Treasury Bills on XRPL
Doyle believes that the ability to tokenize real-world assets (RWAs) on the XRPL, encompassing high-value assets like real estate, stocks, derivatives, and bonds, could be instrumental in driving XRP’s price upwards. He highlighted that Ripple’s continuous implementation of KYC (Know Your Customer) and AML (Anti-Money Laundering) practices strengthens the XRPL’s position as the preferred platform for these tokenization projects. The planned tokenization of T-Bills on XRPL would necessarily involve rigorous KYC and AML protocols to ensure compliance with regulatory standards, a crucial factor the leading corporations are likely to consider when seeking to tokenize RWAs on a blockchain.
Doyle pointed out that the OpenEden website indicates an opportunity for users to capture a Treasury yield of up to 5.02% on this blockchain, reinforcing his belief that this marks a turning point for Treasury bills.
XRP Markets Under Pressure
Despite this optimistic outlook, XRP hasn’t experienced the bullish momentum that many expected. Following a surge above $0.64 on August 7 after the Ripple lawsuit’s outcome, it has since encountered resistance and is now trading below the psychological barrier of $0.60.
Doyle noted that August often presents a bearish trend for the crypto sector, supported by market data showing BTC declines of 11.2% in August 2023 and 14% in August 2022. XRP also faced downturns during these months. Doyle believes the broader market decline is attributed to rising geopolitical tensions, particularly between Iran and Israel, which have increased investor apprehension and caused a flight from risk assets.
XRP’s Role in Cross-Border Transactions
Despite these challenges, Doyle remains optimistic about XRP’s future. He maintains that XRP is uniquely positioned to revolutionise cross-border payment systems, contrasting its capabilities with SWIFT gpi. While SWIFT gpi requires pre-funded capital and has an average transaction settlement time of nine hours, XRP enables instant transactions with a clear success or failure outcome.
The only edge SWIFT gpi has is its established market presence. However, should XRP gain comparable traction, analysts like Doyle believe its price could see significant benefits from enhanced adoption, fueling the astronomical $10,000 price target, which would represent a staggering 1,763,257% increase from its current valuation.
Accumulate XRP Now Before It Hits $100-$500: Top Investor
Xena, a prominent Bitcoin investor, has encouraged everyone to invest in XRP saying that it could easily reach from $100 to $500. In a recent post on X, she brushed aside arguments that such high targets are unattainable, suggesting that other rival coins like Solano (SOL), Quant (QNT) and Ethereum (ETH), proved critics wrong by recording impressive prices. She asked ‘what is all the hoopla about XRP if it can achieve what the others did’ referring to the possibility of XRP achieving or even bettering other assets’ performance.
However, it is crucial to weigh the differences in circulating supply while comparing the two cryptocurrencies. For instance, concerning the max supply, QNT is even more limited, with only 14 available. Tokens, Solana has 466 million and Ethereum has 120 million tokens. At $500 per token, these assets would have a market capitalisation of $7. 47 billion and $ 258 billion, respectively. XRP, on the other hand, has almost 100 billion tokens in circulation, or over $49 trillion of market cap, which opponents like to remind to set an appropriate XRP valuation. Xena also noted that a lot of people lost an opportunity to invest in BTC and ETH at the beginning and she considers XRP as the next probable token to boom.
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