Ever since Ripple emerged victorious in its 3-year-long legal battle with the United States Securities and Exchange Commission (SEC), bullish predictions for XRP have skyrocketed. Significantly, the most recent and arguably the most bullish prediction comes from Shannon Thorp, a Business Development Manager for Wells Fargo. In a tweet on the X platform, she suggests that XRP could potentially reach as high as $500.
Moreover, Thorp provides a rationale for her bold claim, citing the Bank of England’s 2023 ‘Cross Border Payments’ report. The report projects the cross-border payments space to hit an astounding $250 trillion market cap by 2027. Consequently, Thorp argues that a $500 XRP price would better facilitate such a large market, stating, “A $500 XRP price just doesn’t seem like enough to facilitate that amount.”
Additionally, Thorp isn’t the only one touting a triple-digit future for XRP. Another analyst, known as XRP Captain on the X platform, predicts the altcoin could touch $130 in 2024, attributing this to a triangle pattern on the XRP chart.
Interestingly, this isn’t Thorp’s maiden voyage into XRP price predictions. She initially ventured her bullish forecast on July 30, 2023. In that elaborate post, she speculated that capturing even a 10% market share of the cross-border transactions currently dominated by banks like J.P. Morgan could yield around $800 billion. Hence, she noted, “$1.00 is not enough to move that kind of money.”
Furthermore, Thorp explains the market dynamics in terms of liquidity and supply. “It all boils down to LS; if XRP is $100 at a supply of say only 50B, that makes an LS of $5T. At $500, that yields an LS of $25T. This allows the market room to breathe and ensures that no single company needs to own billions of XRP for daily operations.”
Given this, Thorp places XRP’s price between $100 and $500. However, she doesn’t offer a specific timeline, stating that the “how and when” are intrinsically linked. Therefore, her latest forecast merely doubles down on her previous views, this time with an expected realization by 2027.