XRP Reaches $8, But Not Everyone Is Celebrating

XRP has drawn attention again with talks of reaching $8, but not everyone sees this as a major milestone.

Prominent community voice Xena has expressed skepticism towards the hype surrounding XRP reaching $8, despite the potential gains being significant for many.

As the cryptocurrency market continues to heat up, a core group of tokens like Solana and Quant have seen price surges far beyond initial expectations. However, XRP, a coin that has been hyped for years by influencers and smaller investors alike, seems to be lagging behind despite the attention it has drawn.

Currently trading at around $2.31, XRP is still massively far off its all-time high of $1.98, hit back in 2017. While a rise to $8 would represent a 245% increase from current levels, it may not be enough to satisfy those who have been waiting for years for XRP to transform their financial futures.

Indeed, many XRP investors started buying the token when it was in the $0.30 to $0.50 range back in 2021, during which time it also appeared to have bottomed at $0.12. Those with significant XRP holdings, perhaps in the six or seven figures, could see their portfolios increase by substantial amounts if it hits $8.

But for smaller holders, who make up the majority of the 5 million plus XRP wallets, the gains may be minimal. For instance, if an investor has $1,000 worth of XRP, which is the average amount held by most wallets, then they would only see their portfolio rise to around $4,000 if the token hits $8.

While that’s still a positive return, it may not be enough to shift financial futures in a significant way, especially for those who have been holding XRP for years with the hopes of it hitting $100 or even $1,000.

Such high levels could take years or even a decade to materialize, according to analyst Matthew Brienen of CryptoGuard, who previously stated that such price movements would require extraordinary developments in adoption and market dynamics.

But Xena, a community voice known for her outspoken takes, isn’t buying into the hype, especially regarding the narratives peddled by XRP influencers who have benefitted from building platforms around the token.

Many influencers, such as Ben Armstrong and Atomic Bear, have managed to secure large XRP holdings and financial stability through monetization and community engagement, while the average investor seems to be floundering in comparison.

This difference in experience may explain why Xena is skeptical of the influencers’ enthusiasm for XRP reaching $8, which they promote as a major milestone. However, Xena believes that the attention is shifting the goalposts for a project that was once seen as revolutionary.

“Now people get excited by $8 XRP this year. I’m sure the bear is secretly laughing and thinking ‘only’?” she wrote in a post on Friday.

“No doubt $8 is better than $2, I don’t question that. But having those influencers being bullish about XRP for years, now getting excited by $8 is laughable.”