As the long-awaited crypto bull officially kicks off, prominent analysts are, once again, weighing the possibility of XRP hitting the $589 milestone in this cycle.
The conversation around such a possibility first gained momentum in 2020 after a viral screenshot attributed to “The Simpsons” series—an American animated television sitcom—showed the main character Bart writing “XRP to hit $589 by EOY” on the chalkboard.
The Simpsons cartoon has earned renown for its accurate projections, having successfully predicted Donald Trump’s emergence in 2016 as well as several other notable world events, including the Olympics.
But unsurprisingly, five years later after the bold $589 projection went viral, XRP is still nowhere near the number.
At the time of writing, the altcoin is trading around $2.43, up by nearly 355% over the past year—with most of the gains happening at the peak of the 2024 Trump-inspired crypto fever.
What are the chances $XRP goes to $589 this cycle?
— Charlie (@btc_charlie) December 17, 2024
However, amidst several key developments—including the final settlement between Ripple and the SEC, growing institutional adoption, and the anticipated approval of an XRP ETF in the United States, talks about the possibility of XRP reaching $589 have started resurfacing again.
But how realistic is this forecast?
How The Simpsons Forecasted the Emergence of Cryptocurrencies in 1997
The Simpsons has gained monumental attention among industry analysts and leaders over its legendary series’ predictions about cryptocurrencies.
The iconic American sitcom projected the emergence of cryptocurrencies more than ten years before the advent of Bitcoin. In Episode 17 of Season 8, which aired on March 2, 1997, two characters in the show—Homer and Marge—appeared on a date outside a place dubbed “Crypto Barn,” featuring various inscriptions such as “place for codes,” “secret code,” and “many codes.”
More so, in more recent episodes, especially in Season 31, The Simpsons features videos that explain how cryptocurrencies and blockchain work.
In 2020, a widely circulated screenshot showed Bart making a very bold $589 prediction for XRP. Even though the chalkboard gag was eventually debunked as a clever fabrication, market analysts still haven’t stopped discussing the possibility of XRP achieving such a milestone.
Here’s the thing: considering its current price of $2.4, XRP will need a surge of over 100,000% to attain the $589 level—a leap that many consider to be unlikely.
$589 $XRP might be a magnet after all pic.twitter.com/lcQJYyHg75
— K A L E O (@CryptoKaleo) November 16, 2024
However, some XRP supporters, including the legendary CryptoKaleo, remain hopeful, citing the altcoin’s strong technicals.
XRP Price Analysis
The XRP price is in the green on Thursday, fueled by Bitcoin’s ascent to a new all-time high above $110k. It has rallied by more than 4% on the daily timeframe, trading as high as $2.42 at press time.
Unsurprisingly, the XRP price action mirrors that of other high-cap altcoins as well, indicating that the same overall market dynamics are in play. The chart also shows strong support at $2.2, which aligns with the channel’s lower boundary.
In the event that this level holds, it could provide a foundation for the next upward movement. Nevertheless, the resistance level at $2.7 is a crucial target for bulls.
A breakout above this level could fuel a significant rally, potentially pushing the price toward $3.
The noticeable increase in the 24-hour trading volume of the altcoin acts as another indication that the bullish momentum remains intact. If the bulls keep exerting more pressure in the coming days, there is a possibility that the XRP price could be revisiting its multi-month high once again.
However, in the event that the buying strength diminishes and sellers gain control, the token is more likely to lose its $2.2 support.
XRP Price Prediction — Is the $589 Milestone Achievable?
Analysts remain pessimistic about the possibility of XRP achieving the $589 target.
While it has undoubtedly shown resilience in recent months—outperforming most large-cap altcoins including SOL, BNB, DOGE, and ADA—several market observers still dismiss the $589 milestone as a “wishful thinking” that’s not attainable even in the next five years.
However, they find Standard Chartered’s Head of Digital Assets Research Geoffrey Kendrick, to be more realistic in his prediction. Recall that in a recent report, Kendrick laid out a multi-year roadmap for XRP, backed by a combination of recent regulatory progress, Ripple’s legal resolution with the SEC, the final approval of the XRP ETF, and the expanding use cases within the XRP ecosystem.
His belief is that the ETF will see between $4 billion and $8 billion inflow within the first year of its approval alone, potentially setting the stage for the XRP price to reach $5.5. And by 2028, Kendrick is betting on $12.50 per XRP.
Solaxy — A Low-Cap Alternative to XRP
While XRP remains an attractive long-term investment, its multi-billion-dollar market valuation implies that the projected $589 price target may be unrealistic in this cycle.
In fact, well-known crypto analyst Yazan says it is even more likely for $PEPE to reach $0.01 than for XRP to hit $589, considering the former has a much lower market cap.
People that actually believe $XRP can go to $589 are the same people that would believe that $PEPE can go to $0.01.
Jokes aside, $PEPE is more likely to to $0.01 than $XRP go to $589.
You do the math.
— Yazan 
(@YazanXBT) July 13, 2023
Moreover, such a jaw-dropping growth is only more common with meme coins, especially the ones with a very low entry requirement and potential for staggering rewards. Take Pepe for instance—the meme coin has successfully delivered nearly 4000x returns to those who were in on it from the very start.
Even more recently, one new meme coin Peanut The Squirrel (PNUT) turned early buyers into millionaires within just two weeks. All of this, and many more success stories are not rare in the meme coin landscape.
The bottom line? Timing is key in everything. And as Bitcoin leads what many experts call a mega bull run, those chasing up to 1000x returns might find low-cap meme coins to be their golden opportunity.
Among the new, low-cap meme coins poised to become the next 1000x contender is Solaxy. Described by many as a beta bet on Solana, Solaxy has been generating significant traction since its presale debut—all thanks to its advanced Layer-2 technology.
The whole idea is to build a roll-up architecture that will optimize Solana’s strength without sacrificing its security and decentralization. Solana, while being one of the most popular blockchains in the world, is often plagued by multiple issues, such as frequent slowdowns, congestion, and network outages, especially during peak cycles.
As a matter of fact, as the adoption level of the blockchain continues to grow, these issues seem to be worsening. Solaxy tackles these challenges head-on with a Layer-2 ecosystem featuring a ZK rollup, a Hyperlane-powered multi-chain bridge, and data availability solutions like Celestia.
Adding to its immense appeal is its multichain functionality, which helps bridge the existing gap between Solana and Ethereum, ensuring free flow of assets and unlocking broader access to dApps, NFT platforms, and gaming protocols.
Given that Solana’s market cap is still relatively low compared to its practical utility and adoption, experts believe it still has a lot of room to grow. And as SOL experiences steady growth, the spotlight will shift to new, utility-driven tokens thriving within the ecosystem.
Solaxy is not marketing itself as an alternative to Solana. Rather, it seeks to build a solution that can unlock the full potential of the Layer-1 chain.
This innovative approach has resonated with many who believe strongly in the Solana meta narrative, allowing it to raise close to $40 million in presale.
Famous crypto analysts like ClayBro have extensively analyzed Solaxy’s post-launch potential, describing it as a prime candidate for 100x gains.
Visit Solaxy
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