The founder and CEO of Sound Alive Records Eric Finnerud, known as E. Smitty, has revealed he believes that the price of $XRP will “hit 5 digits and beyond,” suggesting the cryptocurrency could explode in the future.
E. Smitty’s prediction would see $XRP appreciate immensely, as the cryptocurrency is at the time of writing trading at $0.45 per token, after losing roughly 7% of its value over the past seven days.
Responding to the music producer, several users pointed out that the figure seems unrealistic, as for $XRP to hit five digits per token it would have a market cap above that of the entire cryptocurrency space at the moment, meaning it wouldn’t just rise above the flagship cryptocurrency Bitcoin, it would greatly surpass it.
Some users responded ironically, saying that the prediction is a possibility within the next 1,000 years, while others suggested that if $XRP tokens are burned at a massive scale, each token could trade at five digits.
As CryptoGlobe reported, earlier this month E. Smitty told his over 170,000 followers on Twitter that he uses $XRP every day as a currency to pay artists royalties in the token, while also accepting $XRP payments for mixing, mastering, producing, and marketing.
The music producer is notably a well-known $XRP bull that has been supporting the cryptocurrency and numerous others over the last few months. On occasion, E. Smitty has offered free tokens to his followers on social media in various giveaways.
Notably several analysts have been turning bullish on the cryptocurrency over the last few weeks, although none have made such outlandish price predictions. As CryptoGlobe reported a widely-followed cryptocurrency analyst has doubled down on his $XRP price prediction made at a time in which both Ripple and the U.S. Securities and Exchange Commission (SEC) are looking for a ruling in their long-running legal battle through a so-called summary judgment.
The price of XRP surged earlier this month after both Ripple and the SEC requested a summary judgment. The SEC sued Ripple and two of its executives in 2020, alleging they sold unregistered securities when they issued $1.3 billion worth of XRP tokens. Ripple denies XRP is a security.
Ripple settling the lawsuit could lead to an XRP supply shock, which presumably would lead to a price surge as demand would remain the same, while supply plunged. That’s according to legal expert and XRP supporter Jeremy Hogan, who has been following the case.
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