Ripple, the company behind the XRP token, recently emerged victorious in a lengthy three-year legal battle with the U.S. Securities and Exchange Commission (SEC).
The central issue at stake was the legal status of the XRP token. Following this legal triumph, many analysts are now crafting optimistic price predictions for the altcoin.
Shannon Thorp, the Business Development Manager at Wells Fargo, has even suggested that XRP’s price could potentially surge to $500.
Will XRP Reach $500?
Thorp’s price prediction is rooted in a report from the Bank of England titled “Cross Border Payments,” published this year, estimating that the cross-border payment space will be worth $250 trillion by 2027.
According to the Wells Fargo expert, such a valuation could propel XRP’s price beyond the $500 mark.
Interestingly, the Wells Fargo manager isn’t the sole voice foreseeing a bright future for XRP.
Another analyst known in the XRP community as “XRP Captain” also believes that the altcoin has the potential to achieve a high price.
He anticipates that the token could cost as much as $130 by 2024, though his prediction is primarily based on technical analysis.
Previous Predictions
It’s worth noting that Thorp had previously hinted at XRP’s substantial growth potential. On July 30th, she published an extensive post explaining why, in her view, XRP’s price could climb to $500 or even higher.
In her initial forecast, she indicated that Ripple could capture a portion of cross-border transactions currently facilitated by banks such as JP Morgan.
Even a modest market share in this space could generate around $800 billion in capital, potentially driving XRP’s price into the hundreds of dollars range.
It’s important to add that the Wells Fargo manager did not specify precise timeframes for when XRP might reach such high price levels. She indirectly alludes to the year 2027, citing the Bank of England’s report.
Bottom Line
While it’s plausible that XRP could appreciate to the levels suggested by Thorp, such an outcome would likely depend on a future cryptocurrency market bull cycle. Achieving this would necessitate significantly greater blockchain adoption and substantial use in financial transactions.
As of today, 1 XRP is priced at $0.047. Over the past week, its price has declined by over 5%, and since yesterday, it has fallen by more than 25%.
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