Ripple [XRP] has been making headlines due to its latest price surge. The altcoin was trading at a high of $0.6464 following a nearly 8% surge over the last 24 hours. This came as a shock to many, as most assets in the market were drowning in losses. The latest spike in XRP further instilled hope in the market that the asset could reach the $1 mark. But how soon can XRP trade for a dollar?
Data from CoinDCX reveals that XRP will be able to surge to the $0.8 level in August, squashing expectations. The firm believes that $1 will be attained in 2024 itself but this will be in October. Several analysts believe that this might be the last couple of months to acquire the asset in cents. More recently, analyst Ali Martinez revealed that the altcoin could be inching closer to a bullish breakout.
Apart from the technical analysis, external factors can also influence the price of the cryptocurrency. The ongoing legal battle between Ripple and the Securities and Exchange Commission [SEC] plays a major part in determining the direction of XRP’s price.
Also Read: Here’s When XRP Will Climb Above $1 Again
How to Become a Millionaire with XRP
Taking into consideration XRP’s current price, an investor would have to buy a total of 1,000,000 XRP to become a millionaire. This investment could cost the investor around $646,000.
Reaching the $1 milestone will be important for the coin. Even if it is still far from its peak of $3.84, $1 might certainly assist the asset in rising to the next level. Accumulating the asset while it is still trading in cents seems like a smart choice to many investors.
Also Read: Ripple: Why XRP May be Headed its Highest Price Since 2021