Pathetic calls for 10$, 100$, and 1000$ - reality check

In the past few weeks, the sentiment among retail investors turned increasingly irrational, with calls for sky-high prices. Indeed, we encounter a lot of predictions forecasting double or even triple-digit figures for XRP. However, we would like to highlight that these claims are driven merely by hopes, dreams, and emotions. Unfortunately, many of these forecasts do ignore some basic facts. That is why we would like to dismiss some ridiculous notions running hot on TradingView. To do so, we repeatedly illustrate what market cap XRP would have if it was valued at 10$, 100$, and 1000$.

Marketcap
XRP at 10$ = 503.4$ billion
XRP at 100$ = 5.034$ trillion
XRP at 1000$ = 50.03$ trillion

Meanwhile, at its peak, the total cryptocurrency market cap (including over 20 000 different cryptocurrencies) had a value of 3.009$ trillion. The current equity market capitalization is about 122.94$ trillion. Therefore, notions promoting XRP at steep price tags lack any regard for the world we live in; furthermore, they are deeply flawed on many other levels.

Illustration 1.01

Retracement toward 20-day SMA and 50-day SMA raises the question of whether the current bounce is only another downtrend correction. To support a bearish thesis, we would like to see the price fail to break above the 50-day SMA; otherwise, a breakout above it will bolster bullish odds in the short term. However, we do not expect it to impact the primary downtrend.

Technical analysis
Daily time frame = Bearish
Weekly time frame = Bearish

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.

Comment:

*Typo: XRP at 1000$ = 50.34$ trillion

Trade closed: target reached:

Overnight, XRPUSD fell to 0.30$, hitting our price target.