Cryptocurrency

Zeitgeist

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 <p class="paragraph">Investing in cryptocurrencies like XRP can be a rollercoaster experience, sometimes fueled by the dream of becoming a <a rel="noopener noreferrer nofollow" title="millionaire" href="https://thebittimes.com/tag/millionaire.html">millionaire</a>. For that, cryptocurrency investors look for value asymmetry in the expectation of quick price appreciation while deploying capital accordingly.</p>
 <p class="paragraph">First, “becoming a millionaire” has different meanings according to the available investment capital. Someone with a $500,000 purchase would need XRP’s price to double to make this person a millionaire. In contrast, a $100,000 investment would require the token’s price to increase by 10 times to reach $1 million.</p>
 <p class="paragraph">A 100% price surge is a solid expectation for XRP in 2024 if things go well for the digital asset. However, a 900% increase would require an extremely favorable scenario and is unlikely to happen even during a bull market.</p>
 <p class="paragraph">Essentially, price appreciation is the result of an increased demand over an asset’s circulating supply. Considering XRP has a high inflation rate arising from Ripple’s monthly unlocks and millionaire sell-offs, the demand for the token must overcome these numbers by a large amount – which does not always happen.</p>
 <h2 class="wp-block-heading" id="h-xrp-price-analysis-and-the-road-to-become-a-millionaire">XRP price analysis and the road to become a millionaire</h2>
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       <h3 class="font-bold leading-6 " id="ripple-hacked-for-112-million-in-xrp">Ripple hacked for $112 million in XRP</h3>
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       <h3 class="font-bold leading-6 " id="ripple-to-unlock-1-billion-xrp-amid-imminent-february-sell-off">Ripple to unlock 1 billion XRP amid imminent February sell-off</h3>
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 <p class="paragraph">As of writing, XRP trades at $0.50 per token, close to an important support level of around $0.47. Doubling up from here would reach the $1 psychological resistance and make $500,000 worth of investors <a rel="noopener noreferrer nofollow" title="millionaire" href="https://thebittimes.com/tag/millionaire.html">millionaire</a>s.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="661" src="https://cdn.thebittimes.com/images/2024/02/02/d79a7f9a42fb73546e38b2409c84094f.webp" alt class="wp-image-152677" srcset="https://cdn.thebittimes.com/images/2024/02/02/d79a7f9a42fb73546e38b2409c84094f.webp 1024w, https://cdn.thebittimes.com/images/2024/02/02/d79a7f9a42fb73546e38b2409c84094f.webp 300w, https://cdn.thebittimes.com/images/2024/02/02/d79a7f9a42fb73546e38b2409c84094f.webp 768w, https://cdn.thebittimes.com/images/2024/02/02/d79a7f9a42fb73546e38b2409c84094f.webp 1536w, https://cdn.thebittimes.com/images/2024/02/02/d79a7f9a42fb73546e38b2409c84094f.webp 1876w" sizes="(max-width: 1024px) 100vw, 1024px">
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   XRP/USD daily price chart. Source: Finbold
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 <p class="paragraph">On the other hand, a 10 times surge would mean XRP at $5. This is 30% above the token’s historical all-time high at $3.84, which is already challenging due to Ripple’s inflation. As reported by Finbold, XRP would trade for less than $2.39, facing the same demand of 2018 during its all-time high.</p>
 <p class="paragraph">Interestingly, a $2.39 forecast would require investors to purchase nearly $250,000 of XRP today to become a <a rel="noopener noreferrer nofollow" title="millionaire" href="https://thebittimes.com/tag/millionaire.html">millionaire</a>.</p>
 <p class="paragraph">However, most indicators suggest a dominating bearish sentiment for Ripple’s token. The company faces regulatory and court challenges against the Securities and Exchange Commission (SEC) in the United States.</p>
 <p class="paragraph">Additionally, Chris Larsen, CEO at Ripple, had his personal XRP account hacked for hundreds of <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>s of dollars. All this happened during continued monthly selling pressure from the company and a relevant validator stepping away from the XRL Ledger.</p>
 <p class="paragraph">Looking onchain, <em>Santiment</em> spotted an increase in the number of transactions worth over $1 million on January 31. This could be from whales accumulating and withdrawing from exchanges or sell-offs from deposits. Chris Larsen’s hacker sent over $112 million in multiple transactions to sell the stolen XRP, which could have influenced this metric.</p>
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    <p lang="en" dir="ltr">After an #altcoin slide Wednesday, #XRPLedger is at risk of falling below a $0.50 market value for the first time since October 19th. Interestingly, however, yesterday had the most $XRP $1M+ whale transactions on the network (217) since prices skyrocketed after a <br><br>(Cont) pic.twitter.com/1xa0PHCzcb</p>— Santiment (@santimentfeed) January 31, 2024
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 <p class="paragraph">On the bright side, Bitcoin (BTC) could lead a bull run in 2024 with its halving. Thus, XRP and altcoins could benefit from that. Also, a positive outcome from the SEC vs. Ripple lawsuit or a lower supply inflation from the company’s sell-offs could act favorably for XRP, summed with more adoption and use cases.</p>
 <p class="paragraph">It is important to understand that there is no shortcut to becoming a <a rel="noopener noreferrer nofollow" title="millionaire" href="https://thebittimes.com/tag/millionaire.html">millionaire</a>, and XRP may impose extra challenges. This cryptocurrency is already among the most valuable coins in the market, meaning a lower possible upside than cryptocurrencies that are less capitalized. Investors must be cautious and understand the risks of investing in crypto and XRP.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/can-xrp-make-you-a-millionaire-in-2024-tbt78559.html">https://thebittimes.com/can-xrp-make-you-a-millionaire-in-2024-tbt78559.html</a></p>

Can XRP make you a millionaire in 2024?

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