Ripple, a cryptocurrency payment company, is being compared to tech giants like Amazon and Facebook in terms of its potential to become a billion-dollar company. This comparison is based on Ripple’s stablecoin plans and recent legal victories, which are seen as factors that could influence its future success.
A well-known crypto analyst has boldly predicted that Ripple may reach a valuation akin to that of Amazon and Facebook, despite recent market volatility and ongoing legal disputes with the US Securities and Exchange Commission (SEC). The analyst believes that Americans will come to regard Ripple as a “unicorn company,” similar to other tech and e-commerce giants like Amazon, Apple, Facebook, and Microsoft.
In a recent video on the AllinCrypto YouTube channel, the analyst emphasized Ripple’s growth trajectory and how it compares to other top tech firms that have made significant contributions to the US economy. He also highlighted the value of stablecoins and based his optimistic forecasts on Ripple’s objectives.
The analyst also referenced a recent Wall Street Journal article that discussed how cryptocurrencies, including stablecoins, could potentially help the US avoid a debt catastrophe. According to the article, treasury officials are considering how stablecoins might support the US’s economic supremacy worldwide and help the country pay off its heavy debt.
As of June 4th, Ripple’s market cap is above $29 billion, according to CoinMarketCap data. While this is a substantial amount, it still falls short of the market capitalizations of tech giants like Facebook and Amazon, which approach $1 trillion. Achieving comparable market prices and widespread adoption will be crucial for Ripple to become a “unicorn company.”
Despite its promising future, the current market performance of Ripple’s XRP is a cause for concern. The price of XRP has remained relatively stagnant at around $0.5 for years, with significant drops even during times of market optimism. As of the latest data from CoinMarketCap, XRP is trading at about $0.4887, up 0.19% in the last 24 hours but down 0.26% in the previous week.
In a significant development, Ripple recently won a major court case. On June 20, Judge Phyllis J. Hamilton dismissed federal class action claims that XRP was offered as an unregistered security.
Overall, despite the challenges and uncertainties, many analysts and investors remain optimistic about Ripple’s future potential and its ability to become a major player in the cryptocurrency and tech industry.