The cryptocurrency market is experiencing a significant surge, driven by anticipation that the U.S. Securities and Exchange Commission [SEC] might approve a spot Ethereum ETF soon. Among the top performers, Ethereum [ETH] has shown remarkable gains. However, Ripple’s XRP is also making notable strides, catching the attention of investors.
Recently, XRP saw a 6% daily increase, nearing the $0.55 mark for the first time since early May. Although it experienced a slight dip, trading at $0.5343 at press time, the asset’s recent uptrend has sparked discussions about its potential to reach new heights. Several investors are considering the prospects of XRP hitting $3.84, a previous all-time high.
Also Read: Ripple: Analyst Predicts XRP To Surge 250%, Hit $1.88 Target
Calculating the Investment
Let’s break down the numbers to understand the potential windfall from XRP reaching $3.84. Achieving a $1 million portfolio from XRP at this price requires about 260,416 XRP tokens. At the current price of $0.534, acquiring these tokens would necessitate an initial investment of $139,218, which is merely 13.92% of the $1 million target. This calculation is straightforward, with a target value per XRP of $3.84; dividing $1,000,000 by $3.84 gives 260,416 XRP. At the present market price, the cost to buy these tokens totals about $139,218.
If Ripple’s XRP were to reach $3.84, today’s investors could see a return of over 618%. This potential gain underscores the attractiveness of investing in XRP now, especially given the relatively modest initial capital required compared to the substantial possible returns.
Also Read: Ripple’s XRP Outshines Solana (SOL) and BNB: EU Report
Despite the optimism, some investors remain cautious. The skepticism stems from XRP’s historical performance. The $3.84 ATH was achieved six years ago, and XRP has struggled to reach such peaks again, even during subsequent bull cycles. As of the latest bull market, XRP hasn’t surpassed the $0.70 mark since March, feeling doubts about its ability to break past $1 in the near future.
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