Key Takeaways
- Analyst Egrag Crypto has revived XRP’s infamous $589 target.
- Ripple CTO emeritus David Schwartz separately pushed back against attempts to interpret his bagpipe post as a hidden XRP signal.
- A $589 XRP price would imply a circulating market capitalization of at least $37 trillion.
One of the XRP community’s most extreme price targets has returned just as former Ripple CTO David Schwartz pushed back against the mythology surrounding it.
Crypto analyst Egrag Crypto has mapped a potential long-term path toward a $589 XRP price, alongside intermediate levels ranging from $5 to $300.
The target carries particular significance among supporters because of its connection to Bearableguy123, an anonymous online figure whose cryptic posts helped turn $589 into community folklore.
Why Are Bagpipes Connected to $589 XRP?
The bagpipe reference dates back to a series of riddles circulated by Bearableguy123 during 2017 and 2018.
One of the best-known images reportedly depicted an astronaut standing on the Moon while holding bagpipes.
The picture became associated with claims that XRP would eventually reach $589.
Schwartz found himself pulled back into the mythology after posting a bagpipe GIF on X.
Some XRP supporters interpreted the post as a hidden signal.
One X user argued that bagpipes were historically used to rally troops and signal that it was time to advance.
However, the Ripple XRP Ledger architect and co-creator quickly poured cold water on that interpretation.
“When the pipes started playing, it often meant it was time to move… away from the bagpipes.”
Egrag Maps XRP’s Path to $589
The renewed XRP price speculation comes as Egrag Crypto has published a long-term XRP chart containing that same $589 figure.
“I’m not trying to predict WHEN XRP reaches its destination. I’m mapping the potential COORDINATES based on the macro structure,” he wrote.
Egrag’s chart identifies $5, $11.50, $25, $60, $135, $300 and $589 as potential levels within a long-term ascending channel.
The outlook also depends on three major technical conditions:
- XRP must maintain support around its 77-month exponential moving average
- Recover its 33-month EMA
- Break above the descending resistance of a large diamond formation.
Until those conditions are satisfied, the higher targets remain hypothetical points, the analyst noted.
Could XRP Really Reach $589 Price?
The wildness of the prediction becomes clearer when applied to XRP’s supply.
Currently trading at around $1.58, XRP would need to rise by more than 37,000% to reach $589.
Using a conservative circulating-supply assumption of 63 billion tokens, the target would also produce a market capitalization of around $37.1 trillion.
A more recent estimate, roughly 68 billion tokens, would lift that figure beyond $40 trillion.
For comparison, the projected valuation would exceed the present value of every publicly traded company and cryptocurrency.
Ex-Ripple CTO Dampens XRP Price Hype
The bagpipe episode is not the first time Schwartz has challenged some of the XRP community’s most bullish narratives.
He has also previously rejected theories that Ripple is secretly preparing a coordinated XRP rollout.
While acknowledging that Ripple’s commercial partners frequently demand confidentiality, Schwartz said non-disclosure agreements should not be treated as evidence of anything.
“Ripple’s partners insist on NDAs to keep their business confidential,” he wrote.
When crypto commentator Mickle resurfaced, claiming that Ripple had engaged with as many as 30 central banks, Schwartz noted that many of those relationships were already publicly known.
The conspiracy theory, he argued, would be claiming that the institutions intended to back their currencies with XRP — something Ripple’s discussions did not establish.
Schwartz has been equally cautious about dramatic price forecasts.
Asked in January whether XRP could climb to between $50 and $100, he declined to support the prediction.
“I don’t feel comfortable saying something like that,” he said.
However, although Schwartz said he considered those prices unlikely, he stopped short of declaring them impossible.
He admitted that XRP’s earlier rise beyond $0.25 had also surprised him, having begun selling his own tokens at $0.10 because the valuation already appeared extraordinary.
Schwartz similarly recalled a time when Bitcoin reaching $100 seemed implausible.
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
