Ultra-high valuation like the $589 theory was posted by a user on the Ripple community. According to the rumors, the user could have been a Ripple insider or just a profound market pundit. ‘bearableguy123’ made a few other predictions that turned to be quite accurate, hence why people decided to hearken to him.
According to his theory, the launch of xRapid and the debut of an update set to increase the overall speed of the platform would push XRP up to $589 by the end of 2018.
However, some users have pointed out that this forecast might not have been about the price of XRP but something else and that the atomic weight of cobalt, for example, is 58.9 u.
Either way, the prediction clearly didn’t materialize as XRP is currently only trading at $0.294. According to Leonidas Hadjiloizou, a Twitter user that posts a lot of cryptocurrency data, XRP started underperforming right after the prediction failed at the beginning of 2019.
XRP started underperforming at the beginning of 2019, right after the 589 prediction didn’t materialize.
Lesson of the day: The more something is hyped, the more negative effect it will have if its doesn’t materialize.#XRPcommunity
— Leonidas Hadjiloizou (@LeoHadjiloizou) October 27, 2019
A lot of Twitter users have pointed out the fact that the $589 prediction was outrageous anyways and that almost no one believed it so it couldn’t have caused the decline in the performance of XRP.
$589 EOY was never gonna happen. Anyone with an ounce of intelligence couldve told u that. U cant blame that failed prediction on over hyping. IMO 589 is a poor choice to use as an example. Should use a prediction that could possibly happen as an example.
— Cryptonian (@JonJimbo2) October 27, 2019
Ripple’s XRP did have a rough start at the beginning of 2019 as the digital asset saw a high of $0.405 before crashing down to $0.282 over the next few months.
XRP did, however, experience a bull move up to $0.51 in June of 2019, unfortunately, the progress didn’t last long and XRP crashed down to $0.212 in September of this year.
The digital currency has been recently outperforming many of the top cryptocurrencies, however, it’s important to note that in the long term, XRP is still in a huge downtrend and it will take the bulls a lot more strength in order to shift the momentum of XRP.