Is Ripple the Next Amazon or Facebook? Analyst Thinks So
- Ripple’s potential as a billion-dollar company is compared to that of tech giants like Amazon and Facebook.
- Ripple’s stablecoin plans and recent legal victories could influence its future success.
The cryptocurrency payment business Ripple may reach a valuation akin to that of Amazon and Facebook, according to a well-known crypto analyst. Despite recent XRP underperformance brought on by market volatility and Ripple’s continuous legal dispute with the US Securities and Exchange Commission (SEC), this upbeat forecast is justified.
Analyst Predicts Ripple’s Billion-Dollar Future
The host of the AllinCrypto YouTube channel recently posted a video discussing Ripple’s potential to become a billion-dollar company. The analyst boldly predicted that Americans will regard Ripple as a “unicorn company,” similar to tech and e-commerce giants like Amazon, Apple, Facebook, and Microsoft.
My opinion on @Ripple being well positioned to become a unicorn stock within the US in the role of stablecoins in the bid to save the US debt system #XRP RUN IT UP https://t.co/DuU2zUkD2p via @YouTube
— ALLINCRYPTO (@RealAllinCrypto) June 17, 2024
In the video, the analyst emphasized Ripple’s growth trajectory and contrasted it with that of top tech firms that have made a substantial contribution to US economy. He stated that US treasury members had acknowledged the value of stablecoins and based his forecasts on Ripple’s objectives.
The analyst also brought out a recent Wall Street Journal piece that highlighted the ability of cryptocurrencies to avert a US debt catastrophe. He disclosed that treasury officials are talking about how stablecoins might support the US’s continued economic supremacy worldwide, putting forward the idea that these virtual assets could help the country pay off its heavy debt.
Market Cap and Adoption Challenges
CoinMarketCap data show that Ripple’s market cap as of June 4th is above $29 billion. The market capitalizations of tech behemoths like Facebook and Amazon, which approach $1 trillion, still eclipse this amount, though. It will take Ripple comparable market prices and broad adoption to become a “unicorn company.”
The current market performance of XRP is still cause for concern, even with a promising future. Years have passed as XRP has been consolidated at the $0.5 price level and has seen significant drops even in times of market optimism.
As of writing, XRP is trading for about $0.4887, according to CoinMarketCap data, up 0.19% in the last 24 hours but down 0.26% in the previous week.
To further complicate matters, Ripple just won a big court case. Federal class action claims that XRP was offered as an unregistered security were dismissed by Judge Phyllis J. Hamilton on June 20.
