XRP has secured a position among the top performers in the crypto market this year, triggering speculation from investors on the required amount of XRP tokens necessary to hit millionaire status.
Despite witnessing an elaborate correction after soaring to $0.93 in July, XRP is up over 98% in 2023, currently trading for $0.6725 after starting the year at a price of $0.3389. While existing investors are seeing a surge in their portfolios amid the recent recovery, prospective ones would require more to acquire XRP now.
Essentially, as XRP skyrockets, the number of XRP tokens necessary to sit on a $1 million investment has continued to decrease. On the other hand, the amount required to procure certain amounts of XRP has also increased with the rising price.
For instance, if a market participant had purchased 1,075,268 XRP with $322,580 when the asset plummeted to $0.30 in January this year and held onto the tokens through XRP’s rollercoaster ride to the $0.93 price level in July, they would have attained the millionaire status while initially spending just $322K.
This pattern demonstrates the allure of holding onto one’s investment for a long period of time amid price fluctuations. Notably, similar investment opportunities have been littered throughout the year, but the provided illustration highlights the most substantial instance of price gains.
XRP’s Prospects at $1
Despite the recent uptrend, XRP remains below most of its lofty price positions, still trading below the $1 level. Market watchers such as EGRAG believe XRP below the $1 price presents a life-changing opportunity for investors. In August, crypto trader Johnny also forecasted an eventual surge to $1.
The last time XRP saw the $1 level was in December 2021. Since dropping from this territory, all attempts to recover the price point have proven futile. Amid these bullish sentiments, XRP still trades at the $0.67 price threshold. Should XRP reclaim $1, an investor would need 1,000,000 tokens to hold $1 million.
Interestingly, these 1,000,000 tokens are currently worth $672,500 against prevailing rates, presenting an opportunity for substantial gains. However, XRP’s potential to hit $1 is uncertain, as the market remains highly unpredictable.
Nonetheless, XRP is observing a resurgence of investor interest, as its open interest (OI) recently spiked to $546 million. Amid the rising open interest, the asset records declining trade volume, down 36% over the past 24 hours to $2,021,098,107. This trend demonstrates the uncertainty in the market.
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