XRP has long been one of the most popular cryptocurrencies to buy and has staunchly remained in the top 10 by market cap despite an ongoing three-year court battle with the US Securities and Exchange Commission (SEC).
That legal action has not only stifled the price potential of XRP but has also stalled the development of parent company Ripple, which has sunk tens of millions of dollars into the court case.
While XRP’s utility and potential as a cross-border payments facilitator is undeniable - with the company having multiple partnerships with global banks and software companies - its price will be restricted until the court case is settled.
Could $1,000 of XRP turn an investor into a millionaire? We analyze the potential for that below plus look at a new meme coin presale, Wall Street Memes, that could be an explosive alternative to XRP.
Ripple’s $250 Trillion Valuation
In their 2023 New Value Report, Ripple have said that the cross-border payments industry is expected to be worth an estimated $250 trillion by 2027.
That is a $100 trillion increase from 2017, with the Bank of England citing expanded supply chains across borders, cross-border asset management, increased international trade, and migrants sending money internationally as driving factors for growth.
XRP would expect to be one of the biggest beneficiaries of such growth, should it win its case against the SEC.
As was seen in early July, an initial win in the court saw the price of XRP pump by more than 70% in just 24 hours - a full win would likely see sustained growth over a significant period.
But to turn $1,000 into $1 million would need an increase of 1,000x - or 99,900%.
XRP, which suffered a sudden 6% dip over the weekend after the SEC said it would appeal July’s decision, is currently trading at around $0.47, a two-month low.
A 1,000x increase would, therefore, need XRP to trade at $470 to make a millionaire from $1,000.
One crypto analyst, Shannon Thorpe, believes that a $500 XRP would actually be a conservative estimate and actually not large enough to facilitate a $250 trillion industry.
However, there remains plenty of reason to be pessimistic that XRP will ever reach that kind of price, especially with the SEC determined to appeal all rulings and continue the legal process - as was seen only last week.
Therefore, other projects could be seen as having more potential than XRP, especially in the short term, with Ripple likely to still be locked in court battles for the months ahead.
Wall Street Memes - New Crypto Presale Heading for IEO
One such project that could prove to be a better bet than XRP in the coming weeks and months is Wall Street Memes ($WSM) a new meme coin that has raised almost $30 million in its presale.
Having launched at the end of May, WSM has gained significant hype in the market due to its huge social media following - with Elon Musk a known admirer.
The presale will close on September 27, with the IEO to follow soon after on Uniswap and tier-1 centralized exchanges.
It was initially developed as an offshoot of the popular Wall Street Bets subreddit but has since grown to have more than a million social media followers as well as two NFT collections and now its own meme coin.
The developers, although anonymous, have a long track record of success in Web3 - not only building a large social media army but selling out their NFT collection, Wall St Bulls, in just 30 minutes when it launched.
Elon Musk, one of the world’s richest men, has interacted with the page on multiple occasions and the project, as well as having huge meme coin potential, offers generous staking rewards.
In early August, data from Etherscan revealed an unknown crypto whale spent more than $1 million investing in the Wall Street Memes presale in just six minutes - leading to speculation that Musk had become a holder.
Five purchases, amounting to 460 ETH, were executed, following a purchase of 93 ETH from the same wallet two weeks earlier.
According to the WSM staking dashboard, investors can currently generate an estimated APY of 65%. Unusually for a meme coin, Wall Street Memes also has a small max supply of just 2 billion tokens.
Major crypto analysts such as Joe Parys (380,000 subscribers) and Michael Wrubel (310k subscribers) have also given positive reviews of WSM, which is offering holders the chance to win $50,000 in an airdrop.
The Read the Wall Street Memes whitepaper has more information on the project, which is 100% community driven and has also been audited by SolidProof. Links to social media pages and the latest news can be found on Linktree.
DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.