Is XRP a Millionaire Maker?
Key Points
As a general rule of thumb, any millionaire-maker crypto needs to be able to generate 1,000x returns.
XRP, currently trading around $1.40, has never hit a price higher than $3.84.
Given XRP's historical track record, it's highly unlikely that it can become a millionaire maker.
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Crypto investors continue to put their faith in XRP (CRYPTO: XRP) as a potential millionaire maker. As they see it, XRP has the potential to skyrocket in value, creating a large number of crypto millionaires in the process.
But just how likely is that? Let's dig into the math to see whether XRP truly has millionaire-maker potential.
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Millionaire-maker math
The math behind becoming a crypto millionaire is relatively simple: You just need to invest $1,000 into a high-risk, high-upside cryptocurrency capable of generating 1,000x returns. Within a period of 10 years, your initial $1,000 investment will be worth a cool $1 million.
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Sounds improbable? Perhaps. But consider the case of Bitcoin (CRYPTO: BTC).
Back in April 2013, Bitcoin hit $100 for the first time. By the end of 2024, Bitcoin was trading at $100,000. That's a case of 1,000x returns in action, and it only took Bitcoin slightly more than a decade.
What Bitcoin had was a powerful investment thesis: "Bitcoin is the future of money." The launch of Bitcoin came at an opportune time, too. The entire fiat-backed banking system seemed to be imploding following the 2008 global financial crisis, and the concept of a noninflationary digital currency struck a chord with investors.
Does the math work for XRP?
So, for XRP to become a millionaire-maker, it will need a similar powerful investment thesis. And it will need to show the potential to generate 1,000x returns in the future.
To some extent, XRP already has a powerful investment thesis: "XRP enables frictionless global money movement." But is that enough to give it 1,000x upside potential?
That's where things get dicey. At its current price of $1.40, XRP would need to explode to reach $1,400. Does anybody really think that's possible? Remember: The all-time high for XRP is just $3.84, and that came about in 2018.
Even executives at Ripple, the company behind the XRP token, have chimed in on the matter. Ripple CTO Emeritus David Schwartz has pleaded with crypto influencers to stop bandying around implausible price targets for XRP.
He's particularly concerned with the $10,000 price target that some people have set for XRP. As he sees it, if XRP had even a minuscule chance of hitting that price in the future, it would already be trading for $10 or higher. Instead, it's still mired around the $1 price level.
That's not to say XRP doesn't have significant upside potential. It's feasible that XRP could trade around $10 sometime within the next decade. Unfortunately, that's simply not enough to help you become a crypto millionaire.
Should you buy stock in XRP right now?
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Dominic Basulto has positions in Bitcoin and XRP. The Motley Fool has positions in and recommends Bitcoin and XRP. The Motley Fool has a disclosure policy.
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