XRP price is gearing up for a rally as the Ripple-SEC case potentially draws to an end. The XRP chart remains bullish as tension increases concerning the direction in which the price will break out from the symmetrical triangle. This comes as Ripple president Monica Long anticipates the RLUSD launch before the end of this year. Meanwhile, the XRP community is speculating on whether the asset’s price can hit $1 million if a drop (1,000,000th of an XRP) hits $1. Let’s find out if it is possible.
Can $1 Drop Propel XRP Price to $1 Million?
XRP has six digits of precision; the smallest unit is one-millionth of an XRP and is called a “drop.” XRP community speculated that the price of the asset could hit $1 million if a drop ever equals 1 RLUSD.
Vet, a developer and XRP enthusiast, posted that there were speculations that 1 RLUSD could be worth $1.
There are speculations about 1 RLUSD being worth $1 – Big if true.
— Vet (@Vet_X0) September 20, 2024
Of course, this was a joke because RLUSD will be a stablecoin on the XRP Ledger, pegged 1:1 to the US Dollar.
Not getting the joke, the XRPArmy went ahead to speculate how XRP could surge to $1 million if a drop of XRP became $1.
1 xrp has 1 million drops. Once XRP rises in price the drops will come into play in a big way. So if 1 RLUSD=$1 dollar, and 1 RLUSD is paired to 1 XRP drop in the future, then 1 XRP would = $1 million dollars. David was asked this but kinda dodged the question. It’s 100% possible
— CryptoTank (@Tank2033js) September 21, 2024
If XRP Drop Hits $1, Here’s how much Ripple Market Cap Would Be
For XRP to reach $1 million per token, its market capitalization would need to be astronomically high, far exceeding the total value of all global assets combined. This is not feasible under current market conditions. Perhaps a ‘Global Reset’ could do it.
Nevertheless, let’s do the math:
The total supply of XRP is 100 billion. At $1 million per coin, the entire Ripple market cap would swell to $100 quadrillion—that’s 1, with 17 zeros in front of it.
For comparison, the global broad money supply of the four largest central banks stood at $87.57 trillion as of July 2024.
Including other central banks brought this number up to $129 trillion. There is simply not enough money in the entire world.
XRP Price Analysis Hints 17% Short-Term Gains
XRP price is forming a bullish ascending triangle pattern in the 6-hour timeframe. This is a continuation pattern, indicating a potential breakout to the upside if the price can breach the flat resistance near $0.59. The breakout would propel the Ripple price to $0.69, the next significant resistance, 17% higher than the current price.
The candlesticks within the triangle pattern show decreasing volatility, typical of consolidation before a breakout. The lack of long upper shadows suggests reduced selling pressure near resistance, which supports the possibility of an upward breakout.
XRP Price Analysis Chart
If XRP bulls lose momentum and the price breaks lower from the triangle, it could signal market weakness, prompting the asset to find lower support near $0.5.
Conclusion
XRP price to $1 million is an audacious speculation, but the current global financial money supply makes it impossible. However, if the XRP supply were to be drastically cut, this price tag would be a reality. Meanwhile, the asset seeks 17% gains in the short term to retest $0.70.
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