Ripple’s potential to become a billion-dollar company has been likened to that of tech giants such as Amazon and Facebook. The recent legal victories and stablecoin plans of Ripple could have a significant impact on its future success.
A well-known crypto analyst has suggested that the cryptocurrency payment company Ripple could reach a valuation similar to that of Amazon and Facebook. Despite recent market volatility and ongoing legal disputes with the US Securities and Exchange Commission (SEC) causing XRP underperformance, this optimistic forecast seems justified.
The host of the AllinCrypto YouTube channel recently uploaded a video discussing Ripple’s potential to become a billion-dollar company. The analyst confidently predicted that Americans will view Ripple as a “unicorn company,” comparable to tech and e-commerce giants like Amazon, Apple, Facebook, and Microsoft.
In the video, the analyst highlighted Ripple’s growth trajectory and compared it to that of top tech firms that have made significant contributions to the US economy. He mentioned that US treasury officials have recognized the value of stablecoins and based his predictions on Ripple’s goals.
The analyst also referenced a recent Wall Street Journal article that emphasized the ability of cryptocurrencies to prevent a US debt crisis. He revealed that treasury officials are discussing how stablecoins could support the US’s ongoing economic dominance globally, suggesting that these virtual assets could help the country pay off its substantial debt.
According to CoinMarketCap data, Ripple’s market cap as of June 4th is over $29 billion. However, the market capitalizations of tech giants like Facebook and Amazon, which are nearing $1 trillion, still surpass this amount. For Ripple to become a “unicorn company,” it will need comparable market prices and widespread adoption.
Despite the promising future, the current market performance of XRP is still a cause for concern. XRP has been hovering around the $0.5 price level for years and has experienced significant drops even during periods of market optimism.
As of the time of writing, XRP is trading at around $0.4887, according to CoinMarketCap data, up 0.19% in the last 24 hours but down 0.26% in the previous week.
Adding to the complexity, Ripple recently won a significant court case. A federal judge dismissed class action claims that XRP was offered as an unregistered security on June 20.